Fitch Upgr Argentina's World Bank Gtd Ser C Notes To 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--April 16, 2001 Fitch fitch: see polecat. upgrades Argentina's World Bank guaranteed series C notes to 'AAA' from 'BBB+'. The 'AAA' rating on the $250,000,000 series C zero coupon notes is based on the 100% principal guarantee provided by the World Bank. This guarantee will continue to roll over to the next consecutive series of notes upon payment in full of the outstanding notes with the earliest maturity. At that point, the next series will be rated 'AAA'. Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. made timely repayment on the $250,000,00 series B zero coupon notes due April 15, 2001 and the guarantee has 'rolled' to the series C notes. The rating on the series D through F zero coupon notes remains at 'BBB+' (Rating Watch Negative), six notches higher than Fitch's 'B+' (Rating Watch Negative) long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. foreign currency rating on the Republic of Argentina. This rating reflects the likelihood that Argentina will continue to pay these notes even as it defaults on other foreign currency debt. Argentina has strong incentives to honor As a verb, to accept a bill of exchange, or to pay a note, check, or accepted bill, at maturity. To pay or to accept and pay, or, where a credit so engages, to purchase or discount a draft complying with the terms of the draft. this debt, as a default would jeopardize jeop·ard·ize tr.v. jeop·ard·ized, jeop·ard·iz·ing, jeop·ard·izes To expose to loss or injury; imperil. See Synonyms at endanger. its ability to borrow from the World Bank, a preferred creditor preferred creditor A creditor having priority to payment over one or more other classes of creditors. For example, holders of first mortgage bonds must be paid by the borrower before payments are made to holders of second mortgage bonds on the same . For more information on the transaction, the following reports are available in the FitchResearch section of Fitch's web site at `www.fitchratings.com': 'The Role of Multilaterals in Structured Finance' and 'Rating Structured Transactions with World Bank Guarantees'. Fitch will continue to monitor the transaction, as surveillance is ongoing. |
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