The Milei administration has undertaken comprehensive steps to reduce inflation and eliminate fiscal deficits, setting the stage for economic stabilization and sustained growth. Nevertheless, Argentina's economic conditions remain fragile, and external liquidity is still a weakness despite modest improvement. We affirmed our 'CCC/C' long- and short-term foreign and local currency sovereign credit ratings on Argentina. We also affirmed our 'raB+' national scale rating, and we revised up our transfer and convertibility assessment to 'B-' from 'CCC'. The outlook on the long-term ratings remains stable, balancing risks posed by weak external liquidity and persistent economic vulnerabilities with recent progress in fiscal outcomes and in reducing inflation. On Feb. 5, 2025, S&P Global Ratings affirmed its 'CCC/C' long- and short-term foreign and
