S&P cuts Argentina debt rating

November 13, 2018: International ratings agency S&P said Tuesday that Argentina's rating has been cut by one notch because of an “erosion” in the country's growth, inflation and debt profiles.

The International Monetary Fund last month approved a $56 billion loan package for Argentina — up from $50 billion initially agreed in June — to help the government implement a tough austerity programme to stabilize the economy.

S&P said Argentina's long-term foreign and local currency ratings had been lowered to 'B' from 'B+' following a review dating back to August.

“There has been an erosion of Argentina's economic growth trajectory, inflation dynamics, and debt profile following setbacks in implementing its challenging economic adjustment program,” S&P said in a statement.

“The outlook on the long-term ratings is stable based on our expectation that the government will implement fiscal, monetary, and other measures to stabilize the economy over the coming 18 months,” it added.

(AAP)

Posted on: 2018-11-13T15:37:00+05:00

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