Borrowers: Borrowers start to play a strategic game
Over the past few weeks emerging markets have been digesting a controversial move from one of the market’s least controversial entities, US credit-rating agency Standard and Poor’s. Global markets have largely welcomed S&P’s upgrading of Argentina’s $62.2 billion of foreign currency debt to BB from BB minus. But its subsequent decision to give some private companies in Argentina, Panama and Uruguay ratings higher than the BB sovereign debt ceiling has prompted a fundamental rethink of how buyers and sellers view risk in Latin America and throughout the emerging markets.
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