S&P cuts Buenos Aires Province 2023 bond

S&P lowered its issue-level rating on the Province of Buenos Aires' $750 million 6˝% bond due 2023 to D from CC.

“The New York-law, dollar-denominated bond had a $24.4 million interest payment due Aug. 15, 2020, and an applicable payment date of Aug. 18. The bond is one of the 11 bonds included in the restructuring proposal that the province presented April 24, 2020,” S&P said in a press release.

S&P said the province’s failure to pay its foreign debt service obligations since May 15 is part of its negotiation strategy.

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