Argentina's country risk fell on Thursday for the second consecutive day an...
“After the abrupt collapse, Argentine assets are warming up for a technical rebound as traders look to selectively take some positions by betting on the excessive accumulated weakness ,” said economist Gustavo Ber of local firm Estudio Ber.
Argentina’s newly imposed capital controls helped stabilize haywire markets that have plumbed record lows since President Mauricio Macri was trounced in a primary vote last month, dashing his hopes of re-election in October. But by late morning, Fitch Ratings had downgraded the debt ratings of eight Argentine companies, ranging from telecoms to energy, saying it believes “the current controls and risks of further tightening could potentially impair the private sector’s ability to access foreign exchange to meet debt service, in spite of exceptions that have been included in the controls for debt repayment.”
That came after Moody’s downgraded several major Argentine financial institutions’ debt ratings on Wednesday evening, including Banco Hipotecario (
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