S&P upgrades Argentina

S&P said it raised its long-term sovereign credit ratings on the Republic of Argentina to B+ from B. The outlook on the long-term ratings is stable.

S&P also affirmed its short-term sovereign credit ratings on Argentina at B' At the same time, the agency raised its national scale ratings to raAA from raA+.

In addition, S&P said it raised its transfer and convertibility assessment to BB- from B+, in line with S&P’s assessment of sustained local access to foreign exchange.

“The stable outlook incorporates our expectation that the government will have greater political capacity to continue pursuing its economic agenda, resulting in more predictable economic policy and gradually more institutional and governance effectiveness. Our stable outlook also incorporates our expectation of moderate and sustained economic growth around 3% for the next three years and higher investment,” S&P said in a news release.

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