Argentina: Credit Upgraded As Obama Visits, Bond Sale Nears

Source: BARRON'S
By: Dimitra DeFotis
03.23.2016

Fitch Ratings upgraded Argentina’s long-term local currency Issuer Default Rating to ‘B’ from ‘CCC’, with a stable outlook. Fitch also affirmed Argentina’s long-term foreign-currency IDR at ‘RD’ and the short-term FC IDR at ‘RD’ and upgraded the country ceiling to ‘B’ from ‘CCC’.

Argentina reportedly hired 7 banks for its first international bond sale in 15 years, which could come before an April 14 deadline in holdout agreements. Deutsche Bank (DB), HSBC (HSBC), J.P. Morgan (JPM) and Santander will coordinate the bond sale, in which it hopes to raise $15 billion, and Banco Bilbao Vizcaya Argentaria (BBVA), Citigroup (C) and UBS (UBS) will be bookrunners, according to sources quoted by Reuters.

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