S&P Raises Argentina Debt Rating, Citing Prior Mistake

S&P Global Ratings raised its debt grade for Argentina on Tuesday, acknowledging the agency made a mistake when it changed the rating in late December for the crisis hit country, The Business Times reported. S&P bumped the rating on foreign long-term debt to 'CCC-' from 'CC,' taking it up two notches from 'SD' and back to where it was prior to December 20 when the country was declared in default. After bumping the rating up a notch on December 30, 2019, "we identified that we had misapplied our criteria," S&P said in a statement. "We are now correcting this criteria misapplication." The credit outlook remains negative which "reflects the prominent downside risks to timely and full payment of debt per our criteria over the short term amid stressed economic and financial market dynamics." Read more