Argentine newly issued international bonds are once more on the slide as investors price in rising risks over the country’s economic recovery and much-needed market reforms following tightened capital controls last week.Add your comment!
Argentina's credit rating was lifted up from default 'SD' to 'CCC+' with a stable outlook after the country concluded restructuring its foreign currency debt, S&P Global Ratings said in a statement on Monday.
Recession-hit Argentina has managed to restructure 99% of US$ 66 billion in debt issued under foreign legislation, Economy Minister Martin Guzman announced on Monday.
IMF Managing Director Kristalina Georgieva, spoke with Argentina President Alberto Fernández on Wednesday, when conversations for a new credit arrangement were launched. The Managing Director made the following statement at the conclusion of the meeting:
Argentine bonds extended a recent dip after the government formalized its US$ 65 billion debt restructuring offer, underscoring investor concern about the country’s shaky economy despite creditors’ rallying behind a deal.
The Argentine government formalized its amended bond restructuring offer on Saturday night, confirming in a presidential decree that it would submit the new deal to the US Securities and Exchange Commission this Monday.
After reaching a US$ 65 billion restructuring agreement in principle with its creditors earlier this month, Argentina must now turn to relief from the International Monetary Fund to free up cash in the near term, the Institute of International Finance, IIF said on Tuesday.
Argentina’s US$ 65 billion debt restructuring agreement with bondholders will likely lead to credit upgrades but is far from ensuring the country’s longer-term economic future, rating agencies commented on Thursday.
Argentina aims to reach a deal with the International Monetary Fund over a new financing program before the end of March, a time frame that Fund veterans say is realistic if both sides show commitment. The news was reported by the economic media from Buenos Aires.
Argentina has reached an agreement with creditors to restructure around US$ 65 billion in sovereign debt, breaking a deadlock in talks that will help the country climb out of default and banish fears of a damaging and protracted legal standoff.