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Bond Market News
Argentina Upgraded to CCC+ by S&P
December 18, 2025
Argentina was upgraded by one notch to CCC+ from CCC by S&P. The upgrade reflects improved access to liquidity, declining macroeconomic imbalances, and stronger investor confidence under President Javier Milei’s economic adjustment program. Key positives include fiscal surpluses in 2025, sharply lower inflation, better access to capital markets, a $20bn swap line from the US, and measures such as a $1bn local law dollar bond issuance and expected repo funding from global banks. Political support for Milei strengthened after strong midterm election results, improving prospects for fiscal and structural reforms. Despite progress, Argentina remains vulnerable due to weak institutions, limited monetary flexibility, high external financing needs, and negative net foreign-exchange reserves. S&P warns that ratings could be downgraded if stabilization falters or future debt exchanges undermine confidence, while further upgrades would require stronger external liquidity, sustained growth, and greater policy certainty.
Argentina’s bonds are trading stable with its 4.125% 2035s at 74, yielding 9.84%.
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