“Moody’s Ratings upgraded Argentina’s credit score, giving the nation its third sovereign upgrade in less than three months and further validating President Javier Milei’s economic overhaul plan.

The South American nation was raised to B3 from Caa1, with a positive outlook. While the upgrade still leaves it deep into speculative territory, all three major credit-rating firms now rate Argentina above the highly distressed category, a milestone for a country that spent years among the riskiest sovereign borrowers in global markets…

The move follows Fitch Ratings’ decision in May to lift Argentina to B1 and a similar move by S&P Global Ratings in June, with all of the firms citing Milei’s success in restoring fiscal accounts and bringing inflation down from triple-digit levels. Argentina’s sovereign bond spread over their US counterparts now stands at nearly 400 basis points, the lowest in eight years as the country looks to put years of economic crisis and debt defaults behind it.”

From Bloomberg.