Argentina Local Currency Ratings Raised To 'B-/B'; Outlook Stable; Foreign Currency Ratings Remain 'SD/SD'

OVERVIEW The unsolicited foreign currency ratings on Argentina remain 'SD' following its July 2014 default. The new Administration has presented a credible plan to deal with long-standing macroeconomic imbalances, eliminated foreign-exchange restrictions, and begun negotiations with its holdout creditors. As a result, we are raising our long-term unsolicited local currency rating to 'B-' from 'CCC+'. In addition, we are raising our transfer and convertibility (T&C) assessment to 'B-' from 'CCC-'. The outlook on the local currency rating is stable, reflecting the new economic policies of the Administration, but also the potential difficulties in passing and implementing those plans. RATING ACTION On Feb. 3, 2016, Standard&Poor's Ratings Services raised to 'B-/B' from 'CCC+/C' its unsolicited local currency long-term and

...OVERVIEW + The unsolicited foreign currency ratings on Argentina remain '##' following its July 2014 default. + The new Administration has presented a credible plan to deal with long-standing macroeconomic imbalances, eliminated foreign-exchange restrictions, and begun negotiations with its holdout creditors. + As a result, we are raising our long-term unsolicited local currency rating to 'B-' from '###+'. In addition, we are raising our transfer and convertibility (T&C) assessment to 'B-' from '###-'. + The outlook on the local currency rating is stable, reflecting the new economic policies of the Administration, but also the potential difficulties in passing and implementing those plans. RATING ACTION On Feb. 3, 2016, Standard & Poor's Ratings Services raised to 'B-/B' from '###+/C' its unsolicited local currency long-term and short-term sovereign credit ratings on the Republic of Argentina. The unsolicited foreign currency sovereign credit ratings remain at '##', reflecting the default...

Ratings Action