S&P Cuts Argentina Rating to CCC- on Supreme Court Decision
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Argentina’s credit rating was cut two levels by Standard & Poor’s after the U.S. Supreme Court yesterday declined to hear the country’s appeal of a ruling that may prompt a default.
S&P lowered the country’s rating to CCC-, nine levels below investment grade and the lowest rating for any nation that’s currently assessed by the company, according to an e-mailed statement today. S&P gave the rating a negative outlook reflecting the likelihood of a further downgrade on payment interruptions or a distressed debt exchange.