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S&P upgrades Argentina to CCC- on debt servicing commitment

S&P Global Ratings raised Argentina's long-term foreign- and local-currency sovereign credit ratings to CCC- from CC, reflecting the government's willingness and commitment to fulfill upcoming credit obligations.

The government paid about $900 million on its centennial and discount bond at the end of December 2019 and early January 2020, while also repaying its peso-denominated debt. In the coming months, S&P Global Ratings expects the government to create a restructuring plan for its long-term debt with the private sector, though the timing and terms are not known.

Argentina's credit ratings reflect its unfavorable debt situation, a volatile exchange rate with a sharp recent depreciation of the peso, a deep economic downturn and high inflation, the rating agency said. The financial environment in the country has deteriorated and strained investor confidence, which is also accounted for in the ratings.

The outlook on the long-term sovereign credit ratings is negative, reflecting prominent downside risks to timely and full payment of the country's debt over the short term.

S&P Global Ratings also raised Argentina's long-term issue ratings to CCC- from CC and affirmed its short-term sovereign credit ratings at C.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.