The good news is that Standard & Poor’s has raised its ratings on eight large companies in Argentina covering many and varied sectors. The companies are Alto Palermo (shopping malls), IRSA (construction), Loma Negra (cement), Petrobras Energía (O&G), Telecom Personal (telephone), Telefónica de Argentina (telephone), Transportadora de Gas del Sur (gas pipeline) and Clisa (construction/infrastructure), with the reason for the upgrades is that (translated) “Argentine companies face a more favourable operative scenario thanks to our forecast of strong economic growth and a positive external backdrop.”
The bad news is that nobody gives a toss about what S&P thinks these days after the pig’s ear they made of the last few years.