Argentina hit by Fitch downgrade to 'CCC' after shock vote
BUENOS AIRES - Ratings agencies Fitch and Standard & Poor’s downgraded Argentina’s sovereign debt rating on Friday, flagging higher chances of a default in the wake of a shock primary election result that plunged the country into its latest economic crisis.
The downgrades cap a tough week in which the peso lost nearly 20% of its value, forcing the central bank to eat into its reserves with dollar auctions. Fitch downgraded Argentina’s sovereign debt rating from ‘B’ to ‘CCC,’ while S&P lowered its rating to ‘B-‘ from ‘B.’ “Argentina was already rated deep into junk territory and this is pushing the rating a bit deeper, but it reveals little new information to investors,” he said.
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