Argentina May Be Cut Deeper Into Junk After Peso Plunge, S&P Says
- Nation’s credit rating currently on par with Turkey, Greece
- Currency volatility could jeopardize Macri’s measures: S&P
A sign displaying exchange rates is displayed inside a currency exchange house in Buenos Aires on Aug. 30.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentina’s credit rating may be cut further into junk territory by S&P Global Ratings amid a plunge in the peso and a bailout from the International Monetary Fund.
S&P said Friday it may lower the nation’s long-term foreign currency rating from its current B+ grade, which is four notches below investment grade -- and on par with Turkey, Greece and Fiji. The ratings company cited the risk of worsening creditworthiness and exchange rate volatility as potential threats to the economic adjustment measures undertaken by Mauricio Macri’s administration.