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Moody's downgrades rating on Argentina's government bond to 'Caa1'
March 17, 2014 / 9:31 PM / 4 years ago

Moody's downgrades rating on Argentina's government bond to 'Caa1'

March 17 (Reuters) - Moody’s downgraded its rating on Argentina’s government bond to “Caa1” from “B3”, citing a fall in its official reserves leading to an increased risk of not meeting foreign-currency debt service obligations.

“Moody’s estimates that the government faces dollar debt payments of over $20 billion between 2014 and 2015. However, Argentina does not have external funding options that would reduce its reliance on official reserves to pay debt,” Moody’s said in a statement on Monday. ()

Moody’s also changed its outlook on the government bond Caa1 rating to stable from negative, citing a balance between no further significant drops in official reserves and continued pressure on the government in addressing the macroeconomic imbalances of the country.

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