In a resounding endorsement of Milei's management, the prestigious international agency S&P Global Ratings has raised the sovereign credit rating of Argentina to 'B-/B' from its previous position of 'CCC+/C'. This upward adjustment is a direct response to the drastic reduction of economic vulnerabilities and a gradual recovery of external liquidity, factors that, according to the rating agency itself, “lay the groundwork for sustained economic recovery”.
The firm highlighted that the fiscal austerity policy implemented by the current administration has been the key to reopening the State's access to voluntary financing in the capital markets and to credits from international organizations. This new solvency will allow the country to firmly meet the foreign currency commercial debt commitments scheduled for 2026 and 2027.
As an immediate consequence of this cleanup of public accounts, confidence has shifted to the private sector. S&P Global Ratings upgraded the rating of eight Argentine companies in the infrastructure and corporate sectors, raising their rating from 'B-' to 'B'. Additionally, the assessment of transfer and convertibility (T&C) —a key indicator for foreign trade— was updated to 'B' from 'B-', reflecting a lower risk of state intervention in access to foreign currency.
The companies benefiting from this wave of financial optimism are: Aeropuertos Argentina 2000 S.A., Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA), Genneia S.A., Pampa Energía S.A., Telecom Argentina S.A., Transportadora de Gas del Sur S.A. (TGS), YPF Energía Eléctrica S.A. (YPF Luz) and YPF S.A..
The technical analysis underscores the robustness of these entities, which have independent credit profiles of at least 'B' and passed the agency's stress test. This evaluation allows companies to position themselves one notch above the sovereign rating, demonstrating exceptional resilience.
