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$228 million in interest due on two foreign-law foreign currency bonds, with original payment dates of July 11 and an applicable payment date of July 13. 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 14, 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 January 2028 BIRAD due January 2048 These are New York
