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Bruno Boccara, S.& P.'s chief analyst for Argentina, said the company would rate bonds in any exchange that cuts the value of investors' holdings as defaulted debt and would reduce Argentina's rating to SD, or selective default.
"We say no to selective default.
Standard & Poor's termed it a "selective default".
The ratings agency Standard & Poor's has already said it would consider this to be "selective default".
This is a highly technical legal case and a selective default.
Earlier, the credit rating firm Standard & Poor's declared that Argentina was now in "selective default".
The long-term ratings rose to B- and the short term to C, both from selective default.
Ratings agencies are expected to declare Greece in selective default once the bond swaps occur.
S.& P. raised Greek debt from selective default to CCC, still deep in junk bond territory.
Two credit-rating agencies said that the proposal amounted to a selective default.
A large role could cause ratings agencies to declare the country to be in selective default.
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CEO of Professional Science Editing for Scientists @ prosciediting.com