MercoPress. South Atlantic News Agency
Fitch downgrades Argentina’s credit rating fearing ‘probable default’
Fitch Ratings agency announced on Tuesday it has downgraded Argentina's long-term foreign currency Issuer Default Rating from “B” to “CC,” with a negative outlook, as it sees a “probable default” if the country misses its payment to holdout investors. Read full article
Comments
Disclaimer & comment rulesprobable default, the time for smackdown is long overdue.
Nov 28th, 2012 - 06:21 am - Link - Report abuse 0once the Falkland Islands get pushed up the Argentine political agenda it's a sure fire sign of imminent economic meltdown.
Falklands Barometer - higher up the agenda the higher the pressure
Nov 28th, 2012 - 06:30 am - Link - Report abuse 0@1 surfer
Nov 28th, 2012 - 07:02 am - Link - Report abuse 0Yup, the end is nigh for CFKs inept economic model. Even Venezula hasn't got deep enough pockets to keep bailing her out.
We should know the ILOST result by the end of the week (I'm betting they'll throw it out as not under their jurisdiction), the IMF will cut Argentina out of the international money markets on Dec 17. The future certainly doesn't look good for Argentina right now.
DEFAULT! DEFAULT! DEFAULT! DEFAULT!...
Nov 28th, 2012 - 10:13 am - Link - Report abuse 0A default doesn't help anybody. Argentina needs to cough up.
Nov 28th, 2012 - 10:20 am - Link - Report abuse 0TMBOA will never pay the vultures, NEVER, NEVER, NEVER she says, until she does.
Nov 28th, 2012 - 10:59 am - Link - Report abuse 0Let's not forget that tomorrow is “Can I have my boat back day”
Nov 28th, 2012 - 12:38 pm - Link - Report abuse 0Perhaps CFK will use some of the millions she has stolen to keep the country afloat - not.
Nov 28th, 2012 - 12:43 pm - Link - Report abuse 0With argentina just finishing yet another holiday off with pay, Sovereignty Day if you can believe it, it's time to create a new holiday, Vulture Resistance Day.
Nov 28th, 2012 - 01:01 pm - Link - Report abuse 0Another interesting article:
Nov 28th, 2012 - 01:33 pm - Link - Report abuse 0http://edition.cnn.com/2012/11/27/business/argentina-debt-order/index.html?iref=allsearch
The last paragraph in particular:
“the bondholder group said the court's logic ”makes no sense“ as nobody expected Argentina to pay. They also blasted the judge for the ”level of rancour“ they say he exhibited”
It highlights that CFK has seriously pissed off some people that hold the key to their prosperity. That nobody expects Argentina to pay also highlights they aren't involved in the court procedings in good faith and will ignore it if the finding go against them. Judges don't like that attitude.
It is an interesting article and more an interesting situation to see how it all plays out.
Nov 28th, 2012 - 01:52 pm - Link - Report abuse 0Abs
Nov 28th, 2012 - 02:31 pm - Link - Report abuse 0its official then
Nov 28th, 2012 - 02:38 pm - Link - Report abuse 0its all Fitch fault
says CFK .lol.
Abs?
Nov 28th, 2012 - 02:39 pm - Link - Report abuse 0Did you accidentally hit submit before finishing????
Lets hope the charming Miss Christine Lagrande (chairman of IMF) slaps sanctions on old rubber lips some time soon also.
Nov 28th, 2012 - 03:00 pm - Link - Report abuse 0ARGENTINA ALWAYS THE VICTIM
abs all bull shit
Nov 28th, 2012 - 03:08 pm - Link - Report abuse 0December will be a merry month indeed.......
Media repression
bond defaults
IMF face off
Let's not forget Christmas
and a happy new new
feliz cumpleanos
I'm obviously not down with the youth and all their acronyms
Nov 28th, 2012 - 03:17 pm - Link - Report abuse 0Anyone know if Argentina took out any swaps with the bonds or if there are any ratings triggers under the bond docs? If they did/if there are they msut have had to post a huge amount of collateral over the last year in an escrow account...could this be used to repay bond holders on default (that is usually the case)...?
Nov 28th, 2012 - 03:39 pm - Link - Report abuse 0Britain plc is roughly £13.5 billion pounds a month in order to stave off economic collaspe.
Nov 28th, 2012 - 03:46 pm - Link - Report abuse 0People in glass houses should not be throwing stones.
19 windy
Nov 28th, 2012 - 04:05 pm - Link - Report abuse 0I don't hear any bailiffs at the door.
@19windy but we are paying our debts and still have a tripple AAA rating-not sure if there is any chance of the UK defaulting.
Nov 28th, 2012 - 04:15 pm - Link - Report abuse 0Why is everybody so desirous to see Argentina default in some way?
Nov 28th, 2012 - 04:19 pm - Link - Report abuse 0Sure it will hurt CFK, sure she deserves it (as most of Argentina's woes are thanks to her) but it wont do anybody any good for Argentina to go titsup or default.
@21
Nov 28th, 2012 - 04:21 pm - Link - Report abuse 0You are the fox guarding the hen house. Of course all the “hen” are still alive and well.... according to the fox.
Don't argue with the argentine paid trolls. There history is ingrained with massive highs and unfathomable lows with extraordinary inflation numbers. This is there amusement park, the roller coaster that they prefer to life with......let them.
Nov 28th, 2012 - 05:13 pm - Link - Report abuse 0Thank you Fitch, all Argentine's are thankful to Fitch for cutting off any chance international pirates had to theft Argentine tax payers revenues. Let's make a deal the World can keep their toilet paper money and Argentina can keep all our Natural resources, It's that simple, trying to blackmail Argentina will keep Argentina away from dealing with war mongers. Argentina will not help terrorist nations as long as mossad, mi6 and CIA keep the terror attacks against muslims.
Nov 28th, 2012 - 05:17 pm - Link - Report abuse 0In any case nations with terrorists organizations like CIA, MI6 and mossad should be bared from the capital markets trades.
http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
Default + IMF Red Card = Merry Christmas Argentina!
Nov 28th, 2012 - 05:21 pm - Link - Report abuse 0@17 Idlehands. You should join OFAA
Nov 28th, 2012 - 05:23 pm - Link - Report abuse 0#25 shut up Canadian.......have you been snowed in alex or mommy ground you?
Nov 28th, 2012 - 06:12 pm - Link - Report abuse 0As for terrorist.......read more about the RG's you pretend to be
Just wondering when things get really bad if the Argentine militry will start throwing people from aircraft again.
Nov 28th, 2012 - 06:24 pm - Link - Report abuse 0#28 try santa, wishes are his department, Alex? Is that your boyfriend or just another guy you are stalking? You are working for Fitch today I see! We Argentines still love and support CFK 101% and I don't see any other candidate worth mentioning any time soon. Trust me any Argentine who knows how this loans are used to funnel tax revenues, minerals and other resources out of nations is cheering Fitch downgrade, Less for the capitalists more for the national, a strong national bank can replace loan sharks.
Nov 28th, 2012 - 06:59 pm - Link - Report abuse 0http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
CFK could end all this humiliation over night,
Nov 28th, 2012 - 07:07 pm - Link - Report abuse 0So why don’t she.
.
Lol @ the love for CFK all the way from Canada, a successful western economy.
Nov 28th, 2012 - 07:33 pm - Link - Report abuse 0If you hate capitalists and western countries, why live in Canada?
Interesting for someone who doesn't live there, doesn't suffer the failed economy or terrible crime levels and is not in touch with Argentine people because its quite clear CFK is no longer supported by the masses in Argentina.
I think Argentina has enough money to give kickbacks to the these agencies for holding up the rating.
Nov 28th, 2012 - 08:18 pm - Link - Report abuse 0Too bad the UK didn't have enough cash to pay Dadong to keep the AAA rating, intead of their very pedestrian A they have today.
Nov 28th, 2012 - 08:28 pm - Link - Report abuse 0(unlike Fitch or Moody, Dadong is trully independent from the london-new york cabal)
@34 Nostrolldamus
Nov 28th, 2012 - 09:05 pm - Link - Report abuse 0Perhaps you could tell us all about the ANTI Hitler Kirchner feelings in Argentina at the moment or were we immagining the recent HUGE demonstrations.
ARGENTINA ALWAYS THE VICTIM
34...a truly independent rating agency in undemocratic government controlled communist state, love it your logic is truly rubbish jajajaja
Nov 28th, 2012 - 09:21 pm - Link - Report abuse 0the same agency that rate Spain the same as the US
Remind me what is CC rating????
Argentina has the money. They just don't want to pay.
Nov 28th, 2012 - 09:28 pm - Link - Report abuse 0Try telling that to your mortgage lender.
tick tick tick......
Nov 28th, 2012 - 10:19 pm - Link - Report abuse 0Wasn't it proven that Fitch are crooks?
Nov 28th, 2012 - 10:59 pm - Link - Report abuse 0@9 Ding ding! We have a winner!
Nov 29th, 2012 - 12:28 am - Link - Report abuse 0Proven as crooks? What were they convicted of?
Nov 29th, 2012 - 12:34 am - Link - Report abuse 0Private ratings agencies like Fitch attracted criticism-because they were too optimistic.
Nov 29th, 2012 - 06:36 am - Link - Report abuse 0One rating agency. If you RG trolls are going to tell a story, add a dash of truth.
Nov 29th, 2012 - 11:04 am - Link - Report abuse 0(unlike Fitch or Moody, Dadong is trully independent from the london-new york cabal)
Nov 29th, 2012 - 05:48 pm - Link - Report abuse 0Unlike Fitch or Moody, Dagong isn't a ratings agency that affects our actual borrowing rates, so it makes no difference.
However, Like the UK and the USA, Dagong has had reviewed your nation's prospects:
”Dagong Global Credit Rating Co., Ltd. (hereinafter referred to as “Dagong”) decides to downgrade the local and foreign currency sovereign credit ratings of the Republic of Argentina (hereinafter referred to as “Argentina”) from B and B- to B- and CCC, respectively, and each with a negative outlook.”
Yawn China owns argenturd
Nov 29th, 2012 - 06:41 pm - Link - Report abuse 0Comment removed by the editor.
Nov 29th, 2012 - 07:55 pm - Link - Report abuse 0Yes we’ve heard it all before,
Nov 29th, 2012 - 08:09 pm - Link - Report abuse 0China owns the whole world,
Seems a lot to have on ones plate ?
Lets just hope she don’t drop it then.
.
46 pippa
Nov 29th, 2012 - 08:16 pm - Link - Report abuse 0Another argie claiming to be American! Or a stupid American failing to understand her own country’s economics.
What currency do the Chin hold masses of? The American dollar.
And who administers the fiat currency of the world for trading purposes? America, it’s the dollar.
Who is most at risk from any reduction in value of the dollar? CHINA.
It is like when you have a small loan off the bank. They can call it in anytime they like and won’t give a toss what happens to you.
However, have a BIG loan off the bank and they will be praying you don’t go under.
Get it now, pippa?
“Fitch Ratings agency announced on Tuesday it has downgraded Argentina's long-term foreign currency Issuer Default Rating from “B” to “CC,” with a negative outlook, as it sees a “probable default” if the country misses its payment to holdout investors.”
Nov 29th, 2012 - 08:22 pm - Link - Report abuse 0Well, the sun always shines doesn't it? There will be clear blue skies from now on.......Everything is lovely... Move along, move along!!! there is nothing to see here!!
Flagship inpounded, credit rating in the toilet, economy shrinking....... KFC / Ol' Turkey Neck / TMBOA / The Harpy sure got all those boxes ticked don't she?
Don't confuse CHina having 24% of all outstanding US debt. China exported 400 billion...with a B to the USA in 2011 and the numbers are higher this year. China needs the USA more than the USA needs China. However I do not expect the contrarian modelist's of argentina to understand that debt and trade go hand in hand.
Nov 29th, 2012 - 09:18 pm - Link - Report abuse 0@46 Pippa
Dec 02nd, 2012 - 06:53 am - Link - Report abuse 0Pippa is a “sussie” persona.
How's your “Papi”, Sussie ??
I find it quite interesting Troy that MNL filed a motion to require Argentina deposit in a USA bank between 250.to 1 billion dollars because of the ranting that Argentina did, announcing to the world that Argentina has no intention of following a judges order. They claim this stay only gives Argentina added time to plan around not paying. AND....if they court decides against this motion, that the court make their decision before December 31st. I don't not think Argentina is going to win this Friday filed motion.
Dec 02nd, 2012 - 02:46 pm - Link - Report abuse 0Commenting for this story is now closed.
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