Moody's switched the outlook on its B3 rating for Argentina from stable to negative, warning of haphazard economic policy and a lack of progress in debt talks. A drop below B3 into the C rating range would indicate that Moody's believes Argentina is vulnerable to default. "A lack of resolution to Argentina's debt arrears with Paris Club creditors, which has been pending for several years and shows no signs of an eventual resolution, raising fundamental questions about the sovereign's willingness to pay," noted Moody's. Argentina has almost $9 billion in overdue debt to the Paris Club of government creditors. Moody's said it also believed there would be a continued "haphazard policy environment, evidenced most recently in the nationalisation without compensation of YPF, Argentina's largest oil company, and import controls that have stalled economic growth." Rival ratings agency Standard & Poor's lowered the outlook on its B rating for Argentina in April after it stripped Spain's Repsol of its controlling stake in YPF. Moody's also warned of growing concerns about the reliability of Argentina's official economic data, noting that underreporting of inflation is of concern as a fifth of the country's debt is indexed to inflation. It also warned a large and sustained drop in commodity prices would also affect its view of the major commodity exporter's economic and debt repayment perspectives.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor