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Press Release from S&P (This is an abridged version. Read the full version)
August 31, 2018
Foreign Currency: B+/Watch Neg/B
Local Currency: B+/Watch Neg/B
For further details see Ratings List.
• The Macri Administration's commitment to stabilize the Argentine economy through difficult austerity measures, including its decision to enter into a $50 billion standby agreement with the International Monetary Fund in June of this year, should help sustain investor confidence and maintain the government's access to capital markets for funding its large fiscal deficits.
• However, recent pressure on the Argentine currency could jeopardize the effective implementation of economic adjustment measures, absent further steps to boost investor confidence.
• We are placing our 'B+' long-term and 'B' short-term sovereign credit ratings on Argentina on CreditWatch with negative implications, and we are affirming our 'BB-' transfer and convertibility assessment.
• The CreditWatch negative reflects the risk of worsening creditworthiness due to potentially weakened implementation of the government's strategy to stabilize the economy.
We expect to resolve the CreditWatch within the next three months.