Fitch upgrades province of Chaco

Fitch Ratings said it upgraded province of Chaco's long-term foreign- and local-currency issuer default ratings to CCC from CC. Additionally, Fitch raised to CCC from CC the rating for Chaco's step-up $262.6 million of senior unsecured notes due 2028.

“The rating action reflects Chaco’s improvement in its debt sustainability score under Fitch's rating case (2021-2023), underpinned by last year's distressed debt exchange (DDE) and the pace of economic recovery in the country. Additionally, the ratings weigh a CCC macroeconomic and regulatory environment that exposes Chaco to a high volatile and less predictable institutional framework. As of September 2021, the province liquidity position maintains its upward trend underpinned by stable operating balances,” Fitch said in a press release.

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