Argentine ABS and RMBS transactions rated by Standard and Poor's are weathering the long and tumultuous storm, though one company analyst hinted it is likely that the worst is yet to come, and it is uncertain if the deals will be able to withstand heavy hits down the road.
Argentina stepped into this year in the double-B sovereign rating category, according to S&P, and quickly began a long and painful fall to its current SD' rating. After yet another restructuring that was deemed a default by rating agencies in October, the most recent events include restrictions that were imposed on deposit withdrawals. The regulations imposed on the first of this month force people transferring money abroad to seek authorization through Central Bank authorities. Furthermore, to prevent insolvency of the banks, the restrictions do not allow a person to withdraw more than $1000 per month from an account.