Argentina is making progress in resolving several macroeconomic imbalances in the country while gradually rebuilding the country's credibility and improving the overall weakened institutional framework. We expect inflation to come down to 20% in 2017 and gradually decline, and we expect the economy to recover to 3% growth in the next three years. We are raising our long-term sovereign credit ratings on Argentina to 'B' from 'B-' and affirming our short-term ratings at 'B'. We are also raising our transfer and convertibility assessment to 'B+' from 'B-'. Our stable outlook incorporates our expectation for broad continuity in overall policies in the next two years and uncertainties about the pace of implementation of the government's corrective economic plan given ongoing political
