Ratings On Four Argentina Foreign Currency Bonds Lowered To 'D' From 'CC' On Expiry Of Grace Period

Restructuring negotiations on foreign currency foreign-law debt remain underway between Argentina and its bondholders, as initial deadlines to finalize terms have been extended several times. Amid reported progress, the government did not pay US$500 million in interest due on three foreign-law U.S. dollar bonds, with an original payment date of April 22 and a grace period that expired May 22. We are lowering the issue ratings on these three bonds to 'D' from 'CC', as well as the issue rating on a local-law U.S. dollar bond, whose coupon and amortization payment due in May was deferred to Dec. 31, 2020, according to April's government decree 346/2020, to 'D' from 'CC'. There is no outlook on the 'D' issue ratings. NEW

...May 26, 2020 - Restructuring negotiations on foreign currency foreign-law debt remain underway between Argentina and its bondholders, as initial deadlines to finalize terms have been extended several times. - Amid reported progress, the government did not pay US$500 million in interest due on three foreign-law U.S. dollar bonds, with an original payment date of April 22 and a grace period that expired May 22. - We are lowering the issue ratings on these three bonds to 'D' from '##', as well as the issue rating on a local-law U.S. dollar bond, whose coupon and amortization payment due in May was deferred to Dec. 31, 2020, according to April's government decree 346/2020, to 'D' from '##'. - There is no outlook on the 'D' issue ratings. NEW YORK (S&P Global Ratings) May 26, 2020--S&P Global Ratings today lowered its issue ratings on four of Argentina's U.S. dollar-denominated bonds to 'D' from '##'. We lowered the issue ratings on three New York-law U.S. dollar-denominated international bonds--BIRAD...

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