S&P raises Buenos Aires, provinces

S&P Global Ratings, in line with its improvement on Argentina, raised its foreign and local currency issuer credit ratings on the city of Buenos Aires and several provinces to CCC from CCC-.

The provinces that were lifted were the province of Buenos Aires, Entre Rios, Jujuy, Mendoza, Neuquen, Rio Negro, and Salta.

The same group had its issue-level ratings similarly raised to CCC from CCC-.

The outlooks on the eight issuers are stable.

“Our upward revision of the [transfer and convertibility] assessment and the upgrade of Argentine [local and regional governments] to CCC reflects modest improvement in Argentina's international reserves because of the central government's initial success in reducing its fiscal deficit, marginally recovering market confidence, and narrowing the gap between the official and blue-chip exchange rates,” the agency said in a press release.

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