Argentina Transfer And Convertibility Assessment Revised To 'CCC+' From 'B-'

The ongoing debt restructuring negotiations with international bondholders and the COVID-19 pandemic continue to weigh on Argentina's economy and local financial market conditions. As pressure has increased on the official and various market Argentine peso-U.S. dollar exchange rates in recent weeks, the central bank has tightened aspects of regulation to access foreign exchange at the official rate. As a result of slightly tighter restrictions, including preauthorization and/or notification in advance for smaller transactions in some cases, we are revising our transfer and convertibility (T&C) assessment to 'CCC+' from 'B-'. There is no outlook on our T&C assessment. However, we could revise down our assessment further if we see additional signs of stress in the markets, including if the sovereign misses

...May 8, 2020 - The ongoing debt restructuring negotiations with international bondholders and the COVID-19 pandemic continue to weigh on Argentina's economy and local financial market conditions. - As pressure has increased on the official and various market Argentine peso-U.S. dollar exchange rates in recent weeks, the central bank has tightened aspects of regulation to access foreign exchange at the official rate. - As a result of slightly tighter restrictions, including preauthorization and/or notification in advance for smaller transactions in some cases, we are revising our transfer and convertibility (T&C) assessment to '###+' from 'B-'. - There is no outlook on our T&C assessment. However, we could revise down our assessment further if we see additional signs of stress in the markets, including if the sovereign misses a foreign currency coupon payment. NEW YORK (S&P Global Ratings) May 8, 2020--S&P Global Ratings today revised its transfer and convertibility (T&C) assessment on Argentina...

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