Magazine article Business Credit

News Briefs

Magazine article Business Credit

News Briefs

Article excerpt

Argentina's Credit Rating Upgraded

Moody's Investors Service recently upgraded Argentina's local and foreign currency issuer and senior unsecured ratings to B2 from B3, while the outlook is stable. The country's short-term rating was affirmed as Not Prime.

The main reasons behind the upgrade are: a record of macro-economic reforms that are starting to address long-simmering distortions in Argentina's economy; and, the probability that reforms will continue and lead to more positive economic growth, Moody's analysts said. 'The stable outlook on Argentina's B2 ratings balances Argentina's credit strengths of its large, diverse economy and moderate income levels against the credit challenges posed by still-high fiscal deficits and a reliance on external financing, which increases its vulnerability to external event risk," Moody's said.

Vietnam Allows Banks to Go Bankrupt

Vietnamese authorities will now have the ability to declare insolvent banks bankrupt by way of an amendment to a law on the operation of credit organizations, according to a report in Reuters. Approval of the bill, which took effect Jan. 15, has followed five years after a banking crisis in the country that Vietnamese authorities have yet to resolve.

State Bank of Vietnam Governor Le Minh Hung has said that bad debts and potential bad debts added up to 8. …

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