Research Update: Argentina Long-Term Ratings Raised To 'CCC-' From 'CC'; Outlook Negative

On Dec. 20, 2019, we lowered the foreign currency long-term sovereign credit rating on Argentina to 'SD' from 'CCC-' and the short-term rating to 'D' from 'C' after an unilateral extension of the maturity of U.S. dollar-denominated short-term paper (Letes) held by private-sector creditors on the previous day. On Dec. 30, 2019, we raised our foreign currency long-term sovereign credit rating on Argentina to 'CC' from 'SD' and the short-term rating to 'C' from 'D'. Subsequent to the rating action, we identified that we had misapplied our criteria "Post-Default Ratings Methodology: When Does S&P Global Ratings Raise A Rating From 'D' Or 'SD'?" by assigning a 'CC' sovereign rating to Argentina on emergence from 'SD', which is inconsistent with our

...- On Dec. 20, 2019, we lowered the foreign currency long-term sovereign credit rating on Argentina to '##' from '###-' and the short-term rating to 'D' from 'C' after an unilateral extension of the maturity of U.S. dollar-denominated short-term paper (Letes) held by private-sector creditors on the previous day. - On Dec. 30, 2019, we raised our foreign currency long-term sovereign credit rating on Argentina to '##' from '##' and the short-term rating to 'C' from 'D'. - Subsequent to the rating action, we identified that we had misapplied our criteria "Post-Default Ratings Methodology: When Does S&P Global Ratings Raise A Rating From 'D' Or '##'?" by assigning a '##' sovereign rating to Argentina on emergence from '##', which is inconsistent with our criteria. We are now correcting this criteria misapplication by raising the long-term credit ratings on the sovereign to '###-', a rating consistent with our criteria. - The negative outlook on the long-term ratings reflects prospects for a...

Research Update