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Fitch upgrades Argentina to CC from restricted default

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Fitch upgrades Argentina to CC from restricted default

Fitch Ratings lifted Argentina's long-term foreign- and local-currency issuer default ratings to CC from restricted default following the country's payment of short-term debt instruments on Aug. 30.

Fitch also raised Argentina's short-term ratings to C from restricted default. The ratings were downgraded to restricted default last week after the country unilaterally extended the maturity of its short-term debt.

The rating agency said Argentina's long-term ratings reflect the expectation that a further default or debt restructuring remains probable.

Fitch warned that a commencement of a default or default-like process would initially lead to a downgrade of Argentina's long-term ratings to C.

In upgrading the ratings, Fitch also flagged Argentina's constrained liquidity position and political and economic uncertainties, saying these could complicate a timely debt renegotiation process.