November 27, 2012 / 9:21 PM / in 6 years

Fitch cuts Argentina's credit rating to near default status

NEW YORK, Nov 27 (Reuters) - Fitch Ratings on Tuesday downgraded Argentina’s sovereign credit rating to CC from B, a five-step cut reflecting its view of a “probable” default after a U.S. judge ordered payment to holdout investors from its historic 2002 default.

“The increased probability that Argentina will not service its restructured debt securities issued under New York law on a timely basis” stems from U.S. District Court Judge Thomas Griesa’s order for Argentina to pay holdout investors concurrent to bondholders who participated in two prior debt restructurings.

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