MSCI announced the reclassification of Argentina to Standalone status, instead of downgrading it to Frontier status, as it was expected to do. Through its Annual Market Ratings Review, MSCI determined that Argentina will lose the Emerging Market category it had been upgraded to in June 2018. Although a downgrade was expected, the decision implies a worsening of access to financing conditions. Other countries in Standalone status include Jamaica, Panama, Bulgaria, Zimbabwe, Lebanon and Palestine. In mid-2020, MSCI had warned Argentina that it would be removed from the Emerging Market group if the strong capital controls installed almost two years ago persisted, first during the last year of Mauricio Macri's government and then tightened during Alberto Fernández's administration. Craig Feldman, a member of MSCI's policy committee, said that "the prolonged severity of unresolved capital controls" was what led to Argentina's reclassification.