DBRS upgrades Argentina to B

DBRS said it upgraded Argentina’s long-term foreign currency issuer rating to B from SD, and the short-term foreign currency issuer rating to R-4 from D.

The long-term local currency issuer rating was upgraded to B (high) from B (low) and the short-term local currency issuer rating was upgraded to R-4 from R-5.

The trend on all ratings is stable.

Following the long-awaited settlement affecting most of Argentina’s untendered bonds from the 2001 default, the agency also withdrew its D rating on the long-term foreign currency securities (not restructured), covering securities issued prior to 2002.

DBRS said Argentina’s resumption of payments on its foreign law exchange bonds combined with the significant improvement in Argentina’s macroeconomic fundamentals since the last review provide the rationale for the two-notch upgrade of the local currency rating and the restoration of the foreign currency rating to B from SD.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.