July 1, 2014 / 10:11 PM / 3 years ago

S&P places Argentina's CCC-/C foreign currency ratings on watch

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July 1 (Reuters) - Standard & Poor's placed Argentina's 'CCC-/C' unsolicited long- and short-term foreign currency ratings on "CreditWatch" with negative implications, citing likelihood of a default in interest payments.

"The CreditWatch placement reflects our view of at least a one-in-two probability that Argentina will not pay the outstanding $539 million interest payment on the discount bonds within the 30-day grace period," S&P said on Tuesday. (bit.ly/1sVjSFv)

The ratings agency also affirmed its 'CCC+/C' long- and short-term local currency sovereign credit ratings and 'raBB+' national scale rating on Argentina.

S&P maintained its negative outlook on the country's long-term local currency rating. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Kirti Pandey)

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