...+ On Aug. 29, 2019, S&P Global Ratings lowered its sovereign credit ratings on Argentina to '##' from a long-term rating of 'B-' and a short-term rating of 'B' (our criteria doesn't distinguish between a short- or long-term when a default occurs). At the same time, we revised downwards our transfer and convertibility (T&C) on the country to 'B-' from 'B'. + We're lowering the ratings on four Argentine infrastructure and corporate entities to 'B-' from 'B'. + The outlook on these entities remains negative, reflecting the potential further deterioration in their credit quality because of the worsening business environment, exacerbating exchange rate, and the consequences of the sovereign's debt restructuring for the domestic economy. Furthermore, either potential restrictions to access and/or transfer funds abroad, given that the obligations of these entities are mostly cross border, could increase substantially our perception of risk. The latter could also stem from a deeper recession, combined...
