November 13, 2018: International ratings agency S&P said Tuesday that Argentina's rating has been cut by one notch because of an “erosion” in the country's growth, inflation and debt profiles.
The International Monetary Fund last month approved a $56 billion loan package for Argentina — up from $50 billion initially agreed in June — to help the government implement a tough austerity programme to stabilize the economy.
S&P said Argentina's long-term foreign and local currency ratings had been lowered to 'B' from 'B+' following a review dating back to August.
“There has been an erosion of Argentina's economic growth trajectory, inflation dynamics, and debt profile following setbacks in implementing its challenging economic adjustment program,” S&P said in a statement.
“The outlook on the long-term ratings is stable based on our expectation that the government will implement fiscal, monetary, and other measures to stabilize the economy over the coming 18 months,” it added.