On July 5, Argentina announced adjusted terms on its restructuring proposal to bondholders and established an Aug. 4 deadline to accept the revised offer. Amid the ongoing negotiations, the government did not pay about US$95 million in interest due on two foreign-law foreign currency bonds, with original payment dates of July 6. We are lowering the issue ratings on these bonds to 'D' from 'CC'. There is no outlook on the 'D' issue ratings. NEW YORK (S&P Global Ratings) July 7, 2020--S&P Global Ratings today lowered its issue ratings on two of Argentina's foreign currency-denominated bonds to 'D' from 'CC': BIRAD due July 2028 BIRAD due July 2036 These are New York law U.S. dollar-denominated bonds that had a total
