On 31 Aug. 2020, the Economy Minister Martín Guzmán announced that 93.55% of bondholders in Argentina's USD 66-billion foreign debt restructuring deal have agreed to the govt.'s terms, activating collective action clauses to lift overall acceptance to 99%. The final deal, reached on 4 Aug. 2020, is worth 54.8 cents on the dollar, a significant increase on the govt.'s original offer of 39 cents. The bonds represent roughly a fifth of Argentina's USD 324 billion total debt, which amounts to around 90% of its GDP. According to Guzmán, the arrangement would provide Argentina with USD 37.7 billion in debt relief over the next decade. Interest rates on the bonds in the deal had been cut from 7% to over 3%. Argentina has officially emerged from its ninth default after Standard & Poor's Global raised its credit rating to CCC+ after Argentina issued new bonds on 4 Sept. 2020 to replace securities that had been in default since May 2020. Out of a total of 26, Argentine debt ranked 22nd and now it has risen to 17. To become an "investment grade" country, that is, it should still rise 9 places.