...- On Aug. 28, following the continued inability to place short-term paper with private-sector market participants, the Argentine government unilaterally extended the maturity of all short-term paper. This constituted a default under our criteria, and yesterday we lowered our foreign and local currency sovereign credit ratings to '##'. - The amended terms and conditions for the short-term debt became effective immediately, which cured the default. We are now raising our long-term sovereign credit ratings on Argentina to '###-' and our short-term sovereign credit ratings to 'C'. - As the Macri Administration is sending legislation to Congress seeking support from the Argentine political class to engage in a re-profiling of its long-term commercial debt, in local and foreign currency, there is heightened risk of a default under our criteria, consistent with a '###-' rating. - The negative outlook reflects the prospects that the Macri Administration might gain political backing and engineer...
