Fitch, the international credit rating agency, today downgraded Argentina’s long-term credit rating by 2, on the grounds of increased uncertainty and rising debt default risk.

Agence France-Presse reported that Fitch downgraded the rating of Argentina’s public debt from B to CCC.

Fitch said: “After the pre-election on August 11, severe economic conditions, and the macroeconomic environment is expected to deteriorate, the possibility of sovereign default or some form of restructuring will increase, and we will lower the Argentine debt. Credit rating, etc., to reflect the increase in policy uncertainty.”

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