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Argentina Exits Ninth Default After $65 Billion Debt Deal

  • S&P Global lifts country credit rating to CCC+ from SD
  • Rating lifted on international, local debt in foreign currency
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Argentina has officially emerged from its ninth default after S&P Global raised its credit rating following the restructuring of $65 billion of overseas debt.

S&P Global lifted the rating to CCC+ with a stable outlook from “selective default” after the country issued new bonds Sept. 4 to replace securities that had been in default since May. The ratings agency raised Argentina’s long-term foreign and local currency rating on both international and local law debt.