S&P maintains Argentina’s rating

Standard & Poor’s reported that Argentina’s rating remains as “B” (global scale, local and foreign currency) and “raAA” (national scale for Argentina). It also announced that the trend of the rating is stable, and maintained the rating of transference and convertibility of the country in “B.”

“The ratings of Argentina show the limited access of the government to finance sources, the uncertainty over its economic policies contribute to a double digit inflation and to the rigidity of the public expenditure,” S&P stated. It also added that “the ratings are supported by the surplus, a strong availability for international reserves.”

Standard and Poor’s indicated that the country is successfully reducing its debt levels with a government general net debt level that is expected to reach 38 percent of the GDP by the end of 2011. “This recovery is a result of the low fiscal deficits and the impact of a high inflation in the GDP.”