BUENOS AIRES - Argentina could be downgraded again by Fitch Ratings if further weakness in the peso boosts the risk of default, the agency’s head of sovereign ratings said in an interview on Tuesday.
“The Argentine government tends to borrow in foreign currency either domestically or abroad, so that reliance on foreign currency borrowing is the Achilles heel of the sovereign credit here,” James McCormack, Fitch’s head of sovereign ratings, told Reuters in Buenos Aires. Markets were shaken by Fernandez’s wider-than-expected primary election win, which cast doubt on the future of Macri’s free-market economic policies and Argentina’s IMF-backed austerity plan.
In a subsequent interview, McCormack said policy changes that could increase the likelihood of a default would be a factor in whether Argentina is downgraded further. Fitch executives said they were scheduled to meet one or two economists from the Fernandez camp while McCormack was in Buenos Aires. They were also scheduled to meet Central Bank chief Guido Sandleris.
Source: Loan Digest (loandigest.net)
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