Argentine financial markets reacted strongly on Wednesday after Fitch Ratings upgraded the country's sovereign debt. The agency raised the rating from CCC+ to B- with a stable outlook.
Stocks and dollar-denominated bonds advanced in Wall Street. ADRs led the gains with Banco Macro rising 10.6 percent, Ternium 9.6 percent and BBVA 8.2 percent. Locally the S&P Merval gained 4.7 percent and closed at 2,887,542 points.
Sovereign bonds rose as much as 2.3 percent. The country risk measured by J.P. Morgan fell 7.2 percent to 514 basis points. Fitch highlighted progress on economic reforms and improvement in the fiscal and external balances.
The official dollar closed at 1,410 pesos at Banco Nación. Global markets also traded with optimism on expectations of a possible agreement between the United States and Iran.
