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LatinNews Daily - 07 April 2020

In brief: Fitch downgrades Argentina

* International credit ratings agency Fitch Ratings has downgraded Argentina’s foreign-currency rating by two levels to ‘restricted default’ (RD). The downgrade follows a decree by President Alberto Fernández postponing to 2021 repayments on some US$10bn of locally issued foreign currency debt due this year. The RD rating for Argentina determines that the unilateral action by the Fernández administration denotes a ‘distressed debt exchange’ (DDE) and a “default on sovereign obligations”.

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