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S&P Upgrades Argentina to B- and Raises Eight Major Companies to B

The decision could widen the pool of international investors and lower borrowing costs if Argentina sustains fiscal discipline and builds durable foreign reserves.

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S&P mejoró la nota de la deuda de YPF, en sintonía con el alza para la calificación soberana.
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Overview

  • S&P Global Ratings raised Argentina’s long‑term sovereign rating from CCC+/C to B-/B on Friday and simultaneously upgraded eight large firms — YPF, YPF Luz, Aeropuertos Argentina 2000, EDEMSA, Genneia, Pampa Energía, Telecom Argentina and TGS — to B with stable outlooks.
  • Markets reacted sharply: the JP Morgan 'riesgo país' index fell from levels around 503 to about 438 points and several Argentine sovereign bonds rose as much as roughly 4% in early trading.
  • S&P said the upgrades reflect lower economic vulnerabilities driven by months of fiscal surpluses and a gradual recovery in external liquidity as reserves have risen and the central bank’s balance sheet has improved.
  • The agency warned that companies’ ability to meet foreign‑currency obligations still depends on reliable access to dollars and that the next 12 to 18 months are critical for consolidating those gains.
  • Analysts say the rating changes unlock constrained investor mandates and could allow Argentina to return to international markets at single‑digit rates, although government officials have not committed to an immediate issuance and domestic credibility issues from the 2020 default remain a drag.