Moody’s alters view to stable on three Argentine provinces

Moody’s Investors Service said it revised the outlooks for the Argentine provinces of Cordoba, Mendoza and Rio Negro to stable from negative.

The three provincial governments’ outlook change follows a similar rating action on Argentina’s sovereign bonds ratings in local and foreign currency on Monday.

“The stable outlook reflects Moody’s expectation that, given the details of the ongoing debt restructuring of these provinces, bondholders will not face losses exceeding a range of 35%-65%,” the agency said in a press release.

Moody’s also affirmed the provinces’ issuer and debt ratings.

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