Fitch downgrades Argentina to near default status

Credit rating agency Fitch has downgraded Argentina and said the country would probably default on its debt obligations.

Fitch cut its long-term rating for Argentina to 'CC' from 'B', a downgrade of five notches. It also slashed its short-term rating from 'B' to 'C', which is one step above default, the Telegraph reports. US judge Thomas Griesa of Manhattan federal court last week ordered Argentina to set aside $1.3bn for certain bond investors by 15 December. Those investors do not want to continue following a debt restructure plan that came after an Argentine default in 2002, according to the Telegraph. Argentine politicians have attacked the ruling, arguing it threatens the success of debt relief ...