April 7 (Reuters) – Ratings agency Fitch on Tuesday changed Argentina’s long-term foreign currency rating to ‘CC’, a day after downgrading to ‘Restricted Default’.
The agency attributed the rating upgrade to unilateral re-profiling via executive decree of locally issued foreign currency debt instruments, which Fitch deemed as execution and completion of a distressed debt exchange.
Fitch on Monday downgraded Argentina’s long-term foreign currency rating to ‘Restricted Default’ following postponement of upcoming payments on foreign currency debt by the country’s government. (Reporting by Taru Jain; Editing by Shinjini Ganguli)
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