A Historic Leap in Argentina's Credit Rating

The financial session on July 21, 2026 brought exciting news that encourages investors and projects a promising future for the country. The international agency Moody's upgraded Argentina's sovereign debt rating from Caa1 to B3, granting it a positive outlook.

This improvement is crucial because, as explained by the Deputy Minister of Economy, José Luis Daza, 'the three major rating agencies —Moody's, S&P, and Fitch— are now aligned at B- for the first time in more than a decade.' This means that thousands of institutional investment funds requiring two or three agency approvals now have a 'green light to invest in Argentina.'

The S&P Merval Soars on the Stock Exchange

Driven by a positive business climate abroad, the S&P Merval —the benchmark index of the Buenos Aires Stock Exchange, reflecting the performance of the country's largest companies— rose by 1.8%, reaching 3,281,979 points. Energy sector stocks were the main protagonists, capitalizing on the rise in crude oil prices and a solid trade surplus.

In New York's Wall Street, Argentine stocks traded higher. The main advances were led by:

• Satellogic: +9.2%
• Edenor: +5.4% (leading electricity distributor)
• Cresud: +4.4% (agricultural and real estate firm)
• Pampa Energía: +3.6%
• YPF: +1.6% (to USD 51.25)

What are ADRs?

ADRs (American Depositary Receipts) are certificates issued by a US bank representing shares of a foreign company. They allow investors to buy shares of Argentine companies on the New York Stock Exchange, operating in US dollars.

The Impact of Oil and the Global Context

The global energy market remains on edge due to tensions in the Middle East, which boosted crude oil prices. Brent crude rose by 2.4% to USD 91.39 a barrel, while WTI advanced 2.5% to USD 84.54. This rise directly benefited local energy companies and improved the country's trade balance.

The US Dollar and Central Bank Reserves

In the foreign exchange market, the US dollar snapped a four-session gaining streak. The wholesale dollar (the rate used for large commercial transactions) fell by 0.2% to ARS $1,477.50, while the official dollar remained stable at ARS $1,500 for sale at Banco Nación, Argentina's state-owned bank.

Excellent news for the national economy came as the Central Bank of Argentina (BCRA) purchased USD 45 million in the market, allowing gross international reserves to grow to USD 48,919 million.

Local Debt Rollover

The National Treasury managed to partially ease month-end maturities with an extraordinary tender. It awarded a total of USD 1,895 million in a swap of Lelink bonds. This clears part of the short-term financial outlook and reduces pressure on the exchange rate.