Fitch cuts Argentina after failure to pay interest on sovereign bonds

Credit rating agency Fitch Ratings has downgraded Argentina's long-term foreign-currency issuer default rating to 'Restricted Default' (RD) from 'C', it said on Tuesday.

The downgrade came after the failure of Argentina's authorities to pay interest due on three sovereign bonds within the stipulated 30-day grace period that expired on May 22, Fitch said in a statement.