Argentine bonds rise after agency improves country’s rating

According to information from the Clarín newspaper, Argentine bonds traded on Wall Street rose up to 1.9%, while country risk fell 4.7%, to 528 basis points.

The local newspaper added that shares of Argentine companies are also rising on the New York Stock Exchange, especially banks, with Macro shares rising 9.2%, and BBVA and Supervielle registering an increase of 7%.

On Tuesday, Fitch Ratings upgraded Argentina’s long-term foreign and local currency issuer default rating (IDR) from CCC+ to B-, indicating the rating outlook as stable.

“Argentina’s rating reflects the structural improvement in fiscal and external balances, progress in economic reforms, better prospects for the accumulation of foreign exchange reserves and our expectation that the government will obtain adequate financing to cover its debt obligations”, explained the agency.