Ratings agency Fitch Ratings said on Friday it upgraded Argentina’s debt rating from ‘CC’ to ‘CCC’ amid greater confidence in the country’s ability to make bond payments in foreign currency.
Fitch estimated that the inflow of dollars to the southern country is reflected in an increase in the international reserves of the central bank (BCRA), a situation that should continue, although it noted that risks persist in Argentina’s payment capacity.
Read: Argentina puts 20,000 peso bills into circulation in the face of high inflation
The rating agency estimated that Argentina’s economy will fall 3.6% in 2024 and recover 3.9% in 2025, in a rebound subject to exchange rate uncertainty.
With information from Reuters
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