Fitch downgrades Argentina's long-term foreign currency rating

April 17 (Reuters) – Ratings agency Fitch on Friday cut Argentina’s long-term foreign currency rating by one notch to ‘C’ from ‘CC’, saying a default on debt payments could be imminent if international creditors fail to accept the South American nation’s restructuring plan.

The Argentine government proposed a debt relief plan on Thursday, which called for reduced interest payments, as the country grapples with a recession compounded by the coronavirus pandemic.

Fitch, on April 7, changed Argentina’s long-term foreign currency rating to ‘CC’, a day after downgrading it to ‘Restricted Default’. (Reporting by Taru Jain; Editing by Devika Syamnath)

Source: Read Full Article