Fitch lifts Argentina

Fitch Ratings said it upgraded Argentina's long-term foreign- and local-currency issuer default ratings to CC from RD, and its short-term foreign- and local-currency issuer default ratings to C from RD.

The issue ratings on Argentina's senior unsecured foreign-currency bonds remain at CC.

Fitch downgraded the country ceiling to CCC from B-.

The upgrade follows the payment of short-term debt instruments on Aug. 30 under revised terms imposed via presidential decree, which effectively constitutes the conclusion of an exercise that Fitch categorized as a distressed debt exchange, the agency said.

This marks the first payment on these peso- and dollar-denominated short-term instruments under a new schedule that extends upcoming repayments by six months through October 2020.

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