March 17 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.