Hot sectors in a tepid recovery
The energy, finance, technology and healthcare industries are expected to be the hottest areas for dealmaking in 2010. Full Article | Full Coverage
REFILE-UPDATE 1-Fitch: may upgrade Argentina if debt swap works
(Refiles to fix attribution in fourth paragraph) (Adds quote from Fitch statement)
NEW YORK, Oct 23 (Reuters) - Fitch Ratings said on Friday it could upgrade Argentina's ratings from "restricted default" if it successfully settles its dispute with bond holders who rejected a restructuring of defaulted debt in 2005.
The ratings agency said it is monitoring the progress of a planned debt exchange announced by the Argentine government on Thursday, which aims at retiring some $20 billion in defaulted debt from the market.
"Reopening the 2005 debt exchange is a step in the right direction ... which could eventually improve Argentina's financing flexibility and in turn support credit-worthiness," Fitch analyst Casey Reckman said in a statement.
She added, however, that the government's financial position remains weak due to "limited funding sources and continued deterioration in fiscal accounts."
Fitch currently rates Argentina's long-term foreign-currency debt at "restricted default," or RD. (Reporting by Walter Brandimarte; Editing by James Dalgleish)
