Argentina's US$65 billion debt restructuring agreement with bondholders will likely lead to credit upgrades but is far from ensuring the country's longer-term economic future, rating agencies told Reuters on Thursday.
After months of negotiations, Argentina reached an accord with key creditor groups on Tuesday to revamp the debt, after tumbling into its ninth sovereign default in May. The deal still needs to be formalized this month.Moody's sovereign ratings analyst Gabriel Torres said it did not necessarily secure a positive economic outlook beyond the short term.
Standard & Poor's plans to lift Argentina out of its current selective default rating after the formalization of the deal, said Lisa Schineller, the agency's lead analyst for sovereign ratings in Latin America. Todd Martinez, director of Latin America sovereigns at Fitch Ratings, which downgraded Argentina to"RD" in May, said the country would get an exit rating on the deal, but it would only be a modest gain.
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