Fitch cuts Argentina debt rating

Fitch yesterday slashed Argentina’s sovereign debt rating to near-default status after a US judge ordered the country to pay holders of debt from its historic 2002 default. Fitch said a default was “probable” as it made a five-notch cut to Argentina’s debt rating, from B to CC. The ratings agency put a negative outlook on the sovereign, which is two steps away from outright default. Argentina has vowed not to pay the investors.