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Rating Actions on April 7

April 08, 2020 | Cbonds

S&P Global Ratings: 

  • lowered Argentina Foreign Currency Ratings to SD from CCC- with no outlook. 
    Reasons: coronavirus worsened country's already tense financial needs and resources, that made President Alberto Fernandez’s administration reconfigure its financial plans and budget priorities. On April 6, it differentiated treatment of Argentine-law foreign currency bonds from that of foreign-law foreign currency bonds and postponed payment of principal and interest on this debt through December 2020 or a potentially earlier date. 

  • revised Australia's outlook to negative from stable; affirmed AAA ratings.  
    Reasons: government debt is anticipated to decrease significantly amid enormous government's stimulus caused by the COVID-19 expansion.

Fitch Ratings: 
upgraded Argentina to CC from RD with no outlook.  
Reasons: unilateral re-profiling through an executive order of locally issued debt instruments in foreign currency, which Fitch considers the execution and completion of a distressed debt exchange (DDE).

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