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Argentine Debt Downgraded; Nation Effectively in Default, Two Wall St. Rating Firms Say
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The Washington Post
- Article date:
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November 7, 2001
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Copyright informationCopyright 2001 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The "voluntary" debt restructuring offered by Argentina, Latin
America's third-largest economy and one of the world's biggest debtor
nations, is effectively a default on a chunk of its $132 billion
debt, two bond-rating agencies on Wall Street determined today.
As the embattled administration of President Fernando de la Rua
pushed ahead today with the first phase of the deal, launching
negotiations to swap $60 billion worth of debt with domestic
bondholders, Standard & Poor's Corp. declared Argentina in "selective
default" -- the same designation it gave Russia in 1998 after Moscow
reneged on payments to investors. Another leading agency, Fitch Inc.,
dropped its ratings on most of ...
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