Fitch has upgraded Argentina’s long-term foreign currency IDR to ‘B’ from ‘RD’ with a Stable Outlook. Fitch also upgraded the long-term local currency IDR to ‘B’ from ‘B-‘. The upgrade reflects the completion of the 2nd defaulted debt swap with a 67% participation rate. As a result of this transaction and the one in 2005, Argentina has completed the restructuring of over 90% of its 2001 defaulted bonds. In Fitch’s view, this represents a positive step toward normalizing relations with creditors. Source: http://www.fitchratings.com
