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Follow-up to the Gulf 365 – Abu Dhabi – Standard & Poor’s downgraded the sovereign credit rating in foreign currencies to Argentina, to be the third agency to take such a step in less than a week with the increasing pressure that the Corona crisis poses to the economic expectations of the heavily indebted country in South America.
In a statement issued on Tuesday, Standard & Poor’s said it had reduced Argentina’s foreign currency rating to a selective default on debt payments, or “SD” from “CCC-“.
The credit rating agency cited its decision to reduce the Argentine government’s decision to postpone $ 9.8 billion in dollar-denominated payments until December 31, 2020 at the latest.
The agency said in the statement that the Corona crisis had exacerbated Argentina’s needs, which prompted the administration of President Alberto Fernandez to reshape its financial plans and budget priorities.
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