MercoPress. South Atlantic News Agency
Fitch ratings lowers Argentina Par bonds under foreign law to “D”
Fitch ratings on the last day of October downgraded Argentina's Par bonds issued under Foreign Law to 'D' from 'C', after the country failed to complete an interest payment, raising the risk that creditors could demand that its cash-strapped government immediately repay all of its debt. Read full article
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Disclaimer & comment rulesI wonder if there is a rating such as:
Nov 01st, 2014 - 10:28 am - Link - Report abuse 0“You have to be as bat-shit mad as the argies if you think you will ever be paid”?
It's probably shortened to FUBAR.
Solution could be: President Kirchner may as soon as possible, as of 2.January 2015 (after expiry of the RUFO clause ) resolve the Holdout Problem, before the acceleration of the defaulted swapped bonds (PAR & Disc) could be organized by the exchange bondholders.
Nov 01st, 2014 - 10:30 am - Link - Report abuse 0...still hurtling towards the edge of the fiscal cliff I see....
Nov 01st, 2014 - 10:44 am - Link - Report abuse 0reminds me of a certain cartoon character, a good representation of Argentine economic adventures can be found here;
http://www.youtube.com/watch?v=z5OcxW61fMw
D - such a fitting rating for Argentina
Nov 01st, 2014 - 11:25 am - Link - Report abuse 0D for Dunce
Nov 01st, 2014 - 12:06 pm - Link - Report abuse 0I hear the ratings are slightly changing.....they will now range from AAA to Argentine. When you are rated as Argentine for your bonds.....you're fucked. Your only option at that point will be to swap your currency for Yuan.
Nov 01st, 2014 - 02:09 pm - Link - Report abuse 02. You can't cure an accelerable default without express consent of the damaged party.
Nov 01st, 2014 - 02:19 pm - Link - Report abuse 0Fitch has ZERO credibility. The rating is simply a sales tool for brokers who require some kind of comfort inducing mechanism for their smaller institutional investors who are unable to conduct their own risk assessments in unfamiliar markets. The ratings in turn serve to just lackluster performance or even catastrophic events to the investment board.
The inherent risk in doing business in and with rotting roadkill is prohibitively high from both an economic and a political perspective. The actually failure of a regime is possibly on the horizon. The economy is conditioned to internal privation and robbing Peter to pay Paul to such a degree that the economic implosion may only be realized slightly further up the road - but due to this deferment of acknowledgement, the degree and scope of it may be unprecedented in rendering the proprogation of urban culture unsustainable.
The last series not already in default has a payment coming due in Dec. Then every bond series will be in default.
Nov 01st, 2014 - 02:28 pm - Link - Report abuse 0I can't wait until 2015.
I hope there's enough piano wire in the country.
D is for Default
Nov 01st, 2014 - 03:21 pm - Link - Report abuse 0D is is Downgrade
D is for Debt (unpaid)
D is for Dark Country
D is for Desperate
D is for the Downside
Oh, I could go on, but I would like to reprise this nugget from earlier...
@6 Cap'n
“[bonds] ... they will now range from AAA to Argentine.”
That is truly funny. I thank you.
@2. Quiet dickbrain. CFK suicide. In fact, mass suicide by argie 'government'. And most of the argie population finally succumbing to shame. And make Germany pay. Nazis.
Nov 01st, 2014 - 04:14 pm - Link - Report abuse 0Fitch ratings lowers Argentina ,,,
Nov 01st, 2014 - 07:37 pm - Link - Report abuse 0to be fair lads, perhaps Fitch should reduce Argentina to [ Z ] and start at the bottom..
Argentina may be the lowest rated country in the world,
Nov 01st, 2014 - 08:12 pm - Link - Report abuse 0but some countries - like those at war - are not even rated.
Personally speaking I don't rate Argentina at all.
Nov 01st, 2014 - 09:28 pm - Link - Report abuse 0Now, Chile. That's different. They are making massive progress. I just hope 'Mami' doesn't fall foul of the leftist fools....
I think in the next decade we will see a great schism in South America, with the ALBA countries failing and Chile, Colombia and Peru rising to join the First World.
I have serious concerns about Vene-Cuba.
Well practically everyone but the rgidiots are talking about another massive devaluation.
Nov 02nd, 2014 - 01:06 pm - Link - Report abuse 0They're also saying the sane policy will be to pay the holdouts . which is one of the reasons I doubt it will happen. CFK still doesn't realize they lost. Until that sinks in they'll try to “negotiate” something that can't be negotiated. You've got to have 2 parties and I doubt at this point NML DART and by the end of the year the Italians and accelerated holdins will want to negotiate anything.
I can't wait.
yb - latest news, AFIP have 'suspended' P&G's imports due to “irregularities” in their invoicing leading to them getting more of those precious, precious $ (which just sounds like good business sense to me - they're presumably desperate to get money out any way they can).
Nov 02nd, 2014 - 08:28 pm - Link - Report abuse 0Hope the citizens of Argentina can get by without soap!
http://www.buenosairesherald.com/article/173741/afip-suspends-pg-for-fiscal-fraud-capital-flight
And any foreign investment from any multinational. Ever again.
@ 15 Chips_in_gravy
Nov 02nd, 2014 - 09:31 pm - Link - Report abuse 0“Hope the citizens of Argentina can get by without soap!”
Quite a few of the buggers who come over here seem to do without soap.
There does seem to be two classes of argie who come to Uruguay: dirty sods with crap cars (by my standard) and people I would call Argetines who are clean and have decent cars, albeit always driven in the LH lane irrespective of speed.
However, I hope the dirty devils will be unable to come over this season and give us all a break. You never see them spending money anyway.
As I understand it, they mostly just come over to use the ATM's, don't they?
Nov 02nd, 2014 - 10:37 pm - Link - Report abuse 0As a further note on the P&G story, it's telling that there was no due process involved in Echegaray's announcement. HE has decided that they're guilty and have stolen money. No “...pending judgement...”, no “...preliminary findings indicate...”. Just judge, jury and executioner.
You are talking due process......non existent in Argentina.
Nov 02nd, 2014 - 11:44 pm - Link - Report abuse 0@ 12
Nov 03rd, 2014 - 10:44 am - Link - Report abuse 0Western countries has a debt higher than its annual GDP and are always at war. The government even closed down some time. And why they do not suffer downgrade?
You need not explain. I understand.
https://www.youtube.com/watch?v=fu9rCt8iYMQ&list=LLmXPTu1f8AdGlizWNiASx2A&index=2
WTF brassie....do you work for utube or is that the only thing you can locate at your intellectual level?
Nov 03rd, 2014 - 02:27 pm - Link - Report abuse 019. I think you don't understand the difference between having debt and paying debt.
Nov 03rd, 2014 - 02:39 pm - Link - Report abuse 0Maybe do a little research before you post idiotic stuff.
D is for Defunct.
Nov 05th, 2014 - 10:45 pm - Link - Report abuse 0Commenting for this story is now closed.
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