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S&P downgrades Argentina’s credit rating to the level Cyprus and Egypt

Thursday, September 12th 2013 - 01:42 UTC
Full article 30 comments

Argentina’s long-term sovereign foreign currency credit rating was cut one level by Standard & Poor’s, which cited a US Appeals Court ruling that prevents the country from honouring its debt without also paying holders of defaulted bonds in full. Read full article

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  • Gordo1

    About time, too!

    http://www.elsalvador.com/mwedh/nota/nota_completa.asp?idCat=47861&idArt=8165402

    Sep 12th, 2013 - 02:24 am - Link - Report abuse 0
  • Pirate Love

    simply......LOL!

    Sep 12th, 2013 - 03:17 am - Link - Report abuse 0
  • Idlehands

    I was surprised their rating was above Cyprus and Egypt in the first place.

    Sep 12th, 2013 - 06:15 am - Link - Report abuse 0
  • Condorito

    Is that junk rating? Below junk?
    How low do these ratings go?

    Sep 12th, 2013 - 07:36 am - Link - Report abuse 0
  • Gonzo22

    McGraw-Hill is at it again. Is this the same S&P? http://www.bbc.co.uk/news/business-23954997

    Sep 12th, 2013 - 07:54 am - Link - Report abuse 0
  • Britninja

    The official ratings order is:

    | Junk
    | Fish heads
    | Dog Poop
    / Argentina

    Sep 12th, 2013 - 08:33 am - Link - Report abuse 0
  • Conqueror

    @5 Argieland - failed and rogue state!

    Sep 12th, 2013 - 08:35 am - Link - Report abuse 0
  • ElaineB

    @4 It means 'Substantial Risks'. There is only 'Extremely Speculative' left before 'Default'.

    Sep 12th, 2013 - 08:45 am - Link - Report abuse 0
  • Faz

    How low can you go? “ Its all the fault of those Sepoys ! I'll do anything for a $”

    Sep 12th, 2013 - 08:56 am - Link - Report abuse 0
  • Brit Bob

    Has to go to CCC-

    then D - default - Bingo!

    Sep 12th, 2013 - 09:48 am - Link - Report abuse 0
  • War Monkey

    “S&P downgrades Argentina’s credit rating to the level Cyprus and Egypt”

    Only recently I was wondering how the KFC economic model was coming along.

    Sep 12th, 2013 - 09:54 am - Link - Report abuse 0
  • yankeeboy

    11. If you were a fan of the 2001 crash the next one is going to be even more spectacular.
    As they say, buckle up its going to be a bumpy, decade? generations?, well i can't decide and your guess is as good as mine.

    Sep 12th, 2013 - 09:57 am - Link - Report abuse 0
  • Idlehands

    It's not really something to celebrate. Bond holders won't get paid and Argentines will be lead blindly into another meltdown. CFK would be very unwise to ignore the ruling if it does go against her though short term nationalist popularity may trump long term common sense.

    Sep 12th, 2013 - 10:49 am - Link - Report abuse 0
  • Gordo1

    @ 13 Idlehands
    No-one is celebrating - we just feel sorry for all those Argentine citizens who are suffering and will continue to suffer under the mismanagement of the country's wealth.

    Sep 12th, 2013 - 10:56 am - Link - Report abuse 0
  • ElaineB

    I agree, I have friends in Argentina and I don't want to see them suffer because of their useless government. Yes, some people might argue that they voted them in but most of my friends didn't and the ones that did regret it. They were fed lies and they swallowed them.

    I do think some of the rabid K supporters will be absent from this forum when the default happens.

    Sep 12th, 2013 - 11:35 am - Link - Report abuse 0
  • yankeeboy

    I don't think a default will really matter in the short term, what I think will be the tipping point is the inability to meet the import payments.
    They're very close to running out of cash.
    I think the way it will play out is:
    Devaluation 3x or 4x current rate
    Forced Peso Conversion of bank Accounts (confiscation U$)
    Hyperinflation

    Sep 12th, 2013 - 12:02 pm - Link - Report abuse 0
  • Conqueror

    @15 Sorry, Elaine but those of your friends who voted for CFK and her criminal cronies only have themselves to blame. Now they can “swallow” a bit more. Might teach them to think in future. After all, they are partly responsible. Much like all those argies celebrating in the streets in 1982. They weren't “responsible” either. Argies are responsible. They are also war criminals. Who are the war criminals? Those who celebrated the invasion of peaceful, undefended islands in 1982. Those who subscribe to the same views today. Those who support the Peronist Kirchnerists. Those who support illegal and illegitimate actions against the Falkland Islands. Anyone who believes Tinboy, or the COW, PutridJelly, RandyFlorence, Tomato, DirtyVideo.

    Sep 12th, 2013 - 12:04 pm - Link - Report abuse 0
  • ChrisR

    I only have one slight comment:

    “or could lead to Argentina to make a debt that could be considered as problematic”

    The “could” should have been a “will”.

    Sep 12th, 2013 - 12:27 pm - Link - Report abuse 0
  • Britworker

    No simpathy here either I'm afraid, the beauty if it is, as the Falkland Islands have no economic connection with Argentina, they won't be adversely affected at all. A powerless impoverished Argentina equals a safe and prosperous Falkland Islands.

    Sep 12th, 2013 - 12:28 pm - Link - Report abuse 0
  • Pirate Love

    Maybe this was Argentinas plan all along not for The Falklands to be a part of Argentina, but Argentina begging to be annexed by their more superior neighbours The Falklands!
    imagine....... Argentina becoming a BOT of the Falklands.
    ridiculous I know, just like Argentinas pitiful exitence

    Sep 12th, 2013 - 12:39 pm - Link - Report abuse 0
  • MrFlagpole

    God when we lost our AAA it caused a political fallout.

    Sep 12th, 2013 - 01:22 pm - Link - Report abuse 0
  • ElaineB

    I think you have to take into account that a lot of Argentines do not have access to the truth. They are fed a lot of lies and are often not well educated. By that I mean they are educated to believe nonsense without questioning it. You have to consider the culture they are raised in. When I email news items I think they will find interesting or of use, they often have absolutely no knowledge of it.

    When the government runs out of money it is going to be shit for a lot of people.

    Sep 12th, 2013 - 01:44 pm - Link - Report abuse 0
  • Briton

    And the argie bloggers go quiet..

    Sep 12th, 2013 - 02:21 pm - Link - Report abuse 0
  • ElaineB

    @24 If you think about it, some of the most vocal K supporters have disappeared. I like to think they realised they were backing a lame horse and withdrew their support. One can hope.

    Sep 12th, 2013 - 02:41 pm - Link - Report abuse 0
  • Faz

    Gollum..Gollum... què?

    Sep 12th, 2013 - 02:48 pm - Link - Report abuse 0
  • Don Alberto

    I am sure Tobias Tooteloo Telling Big Nostrils will tell us all that this is the greatest moment in Argentine history.

    Unfortunately to the detriment of all other Argentines.

    Sep 12th, 2013 - 04:12 pm - Link - Report abuse 0
  • Biguggy

    My sympathy goes to those who did not swallow the lies and did not vote for CFK et al

    Sep 12th, 2013 - 04:55 pm - Link - Report abuse 0
  • Pete Bog

    “S&P lowered the country’s rating to CCC+, seven levels below investment grade and in line with that of Egypt and Cyprus, from B-, according to an e-mailed statement today. S&P gave the rating a negative outlook.”

    Yes, but what does INDEC say?

    Sep 13th, 2013 - 02:59 pm - Link - Report abuse 0
  • ChrisR

    28 Pete Bog

    AAA of course!

    LOLs

    Sep 13th, 2013 - 03:41 pm - Link - Report abuse 0
  • pauls

    What a sin, to see such potential wasted. As a native Argentina watching its demise breaks my heart. The old saying is true, “fish stick from the head down”.
    When I worked in Mexico back in the 80's the joke was “ if you wish to make money buy a Argentinian for what he is worth and sell him for what he thinks he's worth”. Embarrassing , something's never change.

    Sep 14th, 2013 - 04:04 pm - Link - Report abuse 0

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