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LatinNews Daily - 02 July 2020

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In brief: S&P cuts seven further Argentine bonds to ‘default’

* International credit ratings agency Standard & Poor’s (S&P) has downgraded seven Argentine US dollar-denominated bonds to ‘D’ (default) due to missed interest payments, in the midst of rising tensions in the country’s debt-restructuring negotiations with foreign bondholders. In a statement, S&P specified that at the end of June, Argentina failed to meet interest payments of approximately US$837m on four Argentine-law bonds, and of approximately US$582m on three foreign-law bonds. S&P noted that it already downgraded similar bonds to ‘D’ following missed payments on 22 May, and stated that all such D-ratings will remain in place pending the conclusion of the debt talks. S&P added that it expects Argentina to meet an impending Japanese-law yen-denominated bond repayment, as this is not part of the ongoing negotiations.