Moody’s revises Argentina to positive

Moody's Investors Service said it changed the outlook on the Government of Argentina's rating to positive from stable and affirmed the issuer rating at B3, senior unsecured ratings at B3 and Ca, senior unsecured shelf and medium-term note program at provisional B3 and provisional Ca, short term ratings at NP and global medium-term note program at provisional NP.

Moody’s said the key drivers of this action are: (a) Argentina's improved policy stance which supports a return to economic growth in 2017; and (b) Moody's expectation that faster economic growth will allow Argentina's government to begin reducing its high fiscal deficit in 2018.

The agency made no changes to the country ceilings. Argentina's foreign currency bond ceiling is unchanged at B2 and the foreign currency deposit ceiling at Caa1. The long term local currency bond and deposit ceilings stay at Ba3. The short-term foreign-currency bank deposit ceiling, the short-term foreign-currency bond ceiling, and the short-term local currency bond and deposit ceilings are all unchanged at NP.

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