MOSCOW, November 28 (RIA Novosti) – International ratings agency Fitch downgraded Argentina’s long-term foreign currency Issuer Default Rating (IDR) from “B” to “CC”, the agency said in a statement on Wednesday.
“The downgrade of the long-term foreign currency IDR reflects Fitch’s view that a default by Argentina is probable,” the statement reads.
Fitch has also downgraded Argentina’s local currency IDR to “B-” from “B”, outlook negative. The country’s short-term IDR was also downgraded from “B” to “C”.
Argentina is due to pay approximately $3 billion of GDP-linked warrants on December 15. A missed payment on the GDP-linked warrants could trigger a cross default on all exchanged debt securities issued under international law.