President Javier Milei's administration has undertaken comprehensive reforms designed to stabilize the economy, reduce inflation, address fiscal imbalances, and set the stage for economic growth. Nevertheless, Argentina's economic conditions remain fragile, and the sovereign lacks access to external capital markets. We affirmed our 'CCC/C' foreign and local currency sovereign credit ratings on Argentina. The outlook on the long-term ratings remains stable, balancing risks posed by pronounced economic imbalances and other uncertainties with recent progress in fiscal outcomes and reducing inflation. On Aug. 8, 2024, S&P Global Ratings affirmed its 'CCC/C' foreign and local currency sovereign credit ratings on Argentina. We also affirmed our 'raB+' national scale rating on the country. The outlook on the long-term ratings remains stable. Our 'CCC'
