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Bond Market News
Fitch Upgrades Argentina by a Notch to CCC+
May 13, 2025
Argentina was upgraded to CCC+ from CCC, as a result of a new IMF program and major liberalization of the foreign exchange market. In April, the authorities replaced the crawling-peg with a new exchange-rate regime in which the peso will float within a band (ARP 1,000-1,400 per USD, widening 2% per month). The new regime is considered to be working fine, with the peso depreciating towards the center of the band (ARP 1,200 per USD). The IMF provided an Extended Fund Facility (EFF) for $20bn over 4 years, with the first payment of $12bn in April. It increased the gross international reserves from $24bn to $38bn. Having observed periods of hyperinflation in the past, Argentina has faced similar pressure and registered a core inflation of 106% in 2024. President Milei’s aggressive fiscal adjustment to end monetary financing from the central bank BCRA has boosted fiscal deficit of 2.3% in 2023 to fiscal surplus of 1.8% of GDP in 2024.
Argentina’s dollar bonds were trading in the green with its 5% 2038s up by ~1 point, to 72 cents on the dollar, yielding 7.3%.
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