Fitch lowers Province of Salta

Fitch Ratings said it downgraded the Province of Salta’s long-term foreign- and local-currency issuer default ratings to RD from C. Additionally, Fitch affirmed the C ratings on Salta’s $185 million of 9˝% senior secured notes due 2022, on which the interest and principal payment is current.

“The downgrade of Salta’s ratings follows the province´s nonpayment of its debt service for $15.9 million on its 9 1/8% senior unsecured notes due 2024 after the 30-day cure period expired on Monday.

The failure to cure the missed interest payment before the grace period expired is considered an event of default per the transaction documents and by Fitch, the agency said.

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