Argentinas beleaguered economy has managed to take a significant step toward recovery on Wednesday, Feb. 3, as the countrys local credit ratings were significantly raised by Standard and Poors. The Samp;Ps approval comes as a clear sign that the current projects and financial decisions of newly-elected Argentine president Mauricio Macri are working well, according to Bloomberg Business.
The new Administration has presented a credible plan to deal with long-standing macroeconomic imbalances, eliminated foreign-exchange restrictions, and begun negotiations with its holdout creditors. As a result, we are raising our long-term unsolicited local currency rating to B- from CCC+, analysts from Samp;P stated.
Since coming to power last December, President Macri has been particularly keen on settling cases that have been embroiling Argentinas economy. He has also been putting a lot of effort in expanding the countrys access to global markets.