Posted 3/13/2024, 10:10:54 PM
Argentina Debt Downgraded to Selective Default After $65 Billion Bond Swap
- Argentina's local debt downgraded to selective default by S&P due to debt swap
- Government pushed investors into exchanging bonds for new notes with later maturities
- $65 billion of peso-denominated securities swapped for new bonds maturing through 2028
- 77% of instruments were exchanged, relying heavily on public-sector bondholders
- S&P says ratings trajectory depends on new administration's ability to stabilize economy
