MercoPress. South Atlantic News Agency
Moody’s lowers Argentina’s foreign currency bonds’ ceiling to b3 from b2
Moody's lowered on Thursday Argentina's foreign-currency bond ceiling to b3 from b2 in line with bonds in local currency on growing concerns of market access for the private sector and local governments. Read full article
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Oct 26th, 2012 - 06:59 am - Link - Report abuse 0http://www.youtube.com/watch?v=3kX3PYE0GO4
;)
Buenisimo........
Oct 26th, 2012 - 07:10 am - Link - Report abuse 0Gracias....
It must be really embarrassing for Argentinians that Bolivia pays 10pts less interest on their bonds.
Oct 26th, 2012 - 12:11 pm - Link - Report abuse 0Bolivia...
hahahahhaa
I assume this relates to one of the provinces repaying a $US denominated bond back to BA in pesos.
Oct 26th, 2012 - 02:24 pm - Link - Report abuse 0I also assume that CFK believes this is a conspiracy against her and the partial default implies nothing about their ability to repay foreign $US bonds
NOW THE US 2ND CIrCUT COURT HAS RULED AGAINST THE HOUSWIFE AND HER GANG:
Oct 26th, 2012 - 07:41 pm - Link - Report abuse 0NEW YORK, Oct 26 (Reuters) - A U.S. appeals court said Argentina improperly discriminated against bondholders who refused to take part in massive debt restructurings in 2005 and 2010 by deciding to pay them later than bondholders who agreed to participate.
Friday's decision by the 2nd U.S. Circuit Court of Appeals in New York stems from Argentina's roughly $100 billion default in 2002 and could make it harder for countries trying to extricate themselves from sovereign debt crises in the future to fend off angry creditors.
The price of Argentine global bonds maturing in 2017 fell more than 13 percent after the decision, declining to $87.50 in the Buenos Aires' over-the-counter market, according to Reuters data.
A unanimous three-judge appeals court panel said that in conducting the restructurings, Argentina violated a provision in the bonds that required it to treat bondholders equally, even if they chose to hold out.
It also said U.S. District Judge Thomas Griesa in Manhattan correctly issued injunctions in February requiring equal treatment for holdouts, including the plaintiffs NML Capital Ltd and the Aurelius Capital Management funds, which owned $1.4 billion of defaulted debt.
Writing for the panel, Circuit Judge Barrington Parker said he had “little difficulty” in concluding there was a breach, given the efforts by Argentine officials and legislators to ensure that holders of restructured debt had priority.
Parker added: “Nothing in the record supports Argentina's blanket assertion that the injunctions will plunge the Republic into a new financial and economic crisis.”
More than 90 percent of Argentina's defaulted debt has been restructured.
Argentine officials and the plaintiffs were not immediately available to comment.
The 2nd Circuit did ask Judge Griesa to clarify how the injunctions' payment formula is intended to work, and how the injunctions apply to third parties such as
So B3 is the last rating before the ratings given to a country in full-blown crisis? At least someone is warning the Argentine people. I hope they are keeping their opportunities and choices safe.
Oct 27th, 2012 - 07:51 pm - Link - Report abuse 0i love you argentina! thanks for all the laughs/comedy, please never stop making me laugh!
Oct 28th, 2012 - 03:18 pm - Link - Report abuse 0@yankee
Oct 28th, 2012 - 08:36 pm - Link - Report abuse 0shut up ,,,,,
#3 Good for socialist Bolivia I suppose =)
Oct 29th, 2012 - 07:16 pm - Link - Report abuse 0Commenting for this story is now closed.
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