Argentina downgraded – cut to Selective Default by S&P

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Developing (looks like it’ll get worse by midnight US ET …)

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More:

  • S&P cuts Argentina’s credit rating to selective default
  • Says on June 30, Argentina failed to make a us$539 million interest payment on its discount bonds maturing in December 2033
  • Affirmed unsolicited ‘CCC+/c’ long- and short-term local currency sovereign credit ratings and ‘RABB+’ national scale rating on Argentina
  • Removing the ‘CCC-/C’ foreign currency ratings from creditwatch on Argentina
  • Outlook on these ratings on Argentina remains negative

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Some background: 9 questions on what will happen if (when) Argentina defaults on Wednesday … (and answers too!)