Argentina
Outlook
· the likely direction over 6–24 months
Positive
Negative
Stable
Under review
Developing / Evolving
Watch
· a review under way, usually within 90 days
Positive
Negative
Under review
Developing / Evolving
A watch signals a decision expected soon; an outlook signals a longer-term
leaning. No symbol means no outlook or watch was in force.
Terminology differs by agency — S&P and Moody’s say developing,
Fitch says evolving.
| S&P | Moody’s | Fitch | ||
|---|---|---|---|---|
Investment grade | Highest quality | AAA | Aaa | AAA |
| High quality | AA+ | Aa1 | AA+ | |
| AA | Aa2 | AA | ||
| AA− | Aa3 | AA− | ||
| Strong payment capacity | A+ | A1 | A+ | |
| A | A2 | A | ||
| A− | A3 | A− | ||
| Adequate payment capacity | BBB+ | Baa1 | BBB+ | |
| BBB | Baa2 | BBB | ||
| BBB− | Baa3 | BBB− | ||
Speculative grade | Likely to fulfil obligations, ongoing uncertainty | BB+ | Ba1 | BB+ |
| BB | Ba2 | BB | ||
| BB− | Ba3 | BB− | ||
| High credit risk | B+ | B1 | B+ | |
| B | B2 | B | ||
| B− | B3 | B− | ||
| Very high credit risk | CCC+ | Caa1 | CCC+ | |
| CCC | Caa2 | CCC | ||
| CCC− | Caa3 | CCC− | ||
| Near default with possibility of recovery | CC | Ca | CC | |
| C | C | |||
| Default | SD | C | RD | |
| DDD | ||||
| DD | ||||
| D | D |