Moody's Investors Service has today changed the outlook on the Government of Argentina's rating to positive from stable and affirmed the issuer rating at B3, senior unsecured ratings at B3 and Ca, senior unsecured shelf and MTN program at (P)B3 and (P)Ca, short term ratings at NP and global MTN program at (P)NP.
The key drivers of today's rating action are:
(1) Argentina's improved policy stance which supports a return to economic growth in 2017;
(2) Moody's expectation that faster economic growth will allow Argentina's government to begin reducing its high fiscal deficit in 2018.
Moody's made no changes to Argentina's country ceilings. Argentina's foreign currency bond ceiling remains unchanged at B2 and the foreign currency deposit ceiling at Caa1. The long term local currency bond and deposit ceilings stay at Ba3. The short-term foreign-currency bank deposit ceiling, the short-term foreign-currency bond ceiling, and the short term local currency bond and deposit ceilings all remain unchanged at NP.
Dtae: 6 March, 2017