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Moody’s Question Bond Repurchase Plan

ARGENTINA
  • According to Moody’s Investors Service, the Argentine government’s plan to repurchase $1 billion of overseas bonds meets the definition for a default.
  • The rating’s agency has described the nation’s strategy of buying back short-dated dollar bonds — primarily those due in 2029 and 2030 — through direct market purchases as tantamount to a “distressed exchange and hence a default under our definition,” analysts wrote in a note.
  • The nation is currently rated Ca with a stable outlook, the second-lowest rating, at Moody’s. They said: “the operation comes at the cost of scarce foreign currency that is pressuring the country’s external finances, while doing little to support the sovereign’s repayment capacity in 2024 and beyond”.
  • S&P Global ratings does not classify the exchange as distressed because the government is unlikely to default on the bonds in the coming months, according to a Jan. 20 report written by analysts.
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