S&P downgrades Argentina to CCC-

|By:, SA News Editor

Argentina's long-term foreign currency rating of CCC+ has been lowered by Standard & Poor's to CCC-, due to an increased risk of default on the country's foreign currency debt.

Earlier this week, alarm bells were sounded when President Cristina Fernandez said the country cannot pay the $1.5B it owes by the end of the month, following a U.S. Supreme Court ruling.

However, S&P affirmed the country's short-term foreign currency rating at C, saying that court ruling was not likely to affect the government's service on local currency debt.