Argentina Rating Lifted to B- by S&PGR After Ending Bond Default
- Finance Ministry announced payment to bondholders Wednesday
- The country's rating is five levels below investment grade
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Argentina’s credit rating was raised to B- from selective default by S&P Global Ratings, which cited the country’s payment on Thursday of $2.7 billion of past-due interest on bonds in default since July 2014.
The outlook on the South American country’s rating is stable, S&PGR said in a statement on Friday. The ranking is five levels below investment grade and in line with that of Greece, Ukraine and Mozambique. S&PGR had previously assigned a B- rating to $16.5 billion of bonds Argentina sold last month.