Fitch Downgrades Argentina, Predicts DefaultSubmitted by emalvini on Wed, 11/28/2012 - 10:45
Fitch downgrades Argentina and predicts default
Credit rating agency Fitch has downgraded Argentina, which is locked in a court battle in New York over its debt, and said the country would probably default.
11:55PM GMT 27 Nov 2012
Fitch cut its long-term rating for Argentina to "CC" from "B," a downgrade of five notches, and cut its short-term rating to "C" from "B". A rating of "C" is one step above default, AP reported.
US judge Thomas Griesa of Manhattan federal court last week ordered Argentina to set aside $1.3bn for certain investors in its bonds by December 15, even as Argentina pursues appeals.