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Bond Market News
Argentina Upgraded to B3 by Moody’s
July 22, 2026
– Vandit P
Argentina was upgraded by a notch to B3 from Caa1 by Moody’s, upon a material decline in default risk. Moody’s notes that macroeconomic stabilization has led to more durable credit improvement, with sustained fiscal surpluses, declining inflation and continued economic liberalization. Argentina’s external position has also improved markedly, supported by stronger export performance and rising foreign direct investment in energy and mining, alongside better access to external financing. The fiscal surplus anchors the stabilization program, aided by the elimination of monetary financing, normalization of monetary and exchange rate arrangements, and increasing real investment inflows. Moody’s expects GDP growth of about 3.4% in 2026 and 3.5% in 2027. Export gains include agriculture, manufacturing and services sectors. Meanwhile the energy sector has shifted from a source of external pressure to a growing surplus. The central bank purchased more than $11bn in foreign exchange through mid-2026 without generating exchange rate pressure. The positive outlook reflects potential further strengthening of Argentina’s credit profile, with political risks ahead of the 2027 election tempered by a narrower range of likely policy outcomes.
Argentina’s 3.5% 2041s were stable at 74, yielding 7.4%.
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