LatinNews Daily - 15 July 2020

* Credit ratings agency Standard & Poor’s (S&P) has downgraded two US dollar-denominated Argentine bonds issued under foreign law to ‘D’ (default) due to missed interest payments, amid Argentina’s ongoing debt restructuring negotiations with foreign bondholders. In a statement, S&P specified that on 11 July Argentina missed some US$228m in interest payments on the Bonos Internacional de la República Argentina (Birad) bonds maturing in 2028 and 2048, which are included in the renegotiation process. S&P already made similar downgrades on seven foreign-law foreign currency bonds on 2 July, and on two similar bonds following missed payments on 22 May. All such bonds will remain in ‘D’ status until negotiations are concluded, and holders of these bonds are entitled to sue Argentina should an agreement fail to materialise. S&P added that following the government’s announcement that local-law foreign currency debt would receive equitable treatment to debt addressed in the ongoing talks, any such bonds that S&P downgrades to ‘D’ will also be kept in that status until the process has concluded.

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