Argentina’s Incoming Administration Faces Challenges

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(S&P Global Ratings, 21.Nov.2023) — Economic imbalances in Argentina provide complex conditions for the Milei administration even before he takes office, S&P Global Ratings said in an article published today titled “Argentina’s Incoming Administration Faces Difficult Economic Policy Implementation.”

Javier Milei, of La Libertad Avanza (LLA), won a historic and decisive victory in Sunday’s presidential elections in Argentina (CCC-/Negative/C). Support for the president-elect–and, in effect, “change”–was higher than all the polls suggested. President-elect Milei garnered 56% of the national vote, compared with Sergio Massa’s (Union por la Patria; UP) 44%.

“Argentina is facing significant policy change, which reinforces its track record of deep swings in policy alongside changes in government–extending a track record of policy unpredictability and reversal,” said S&P Global Ratings credit analyst Sebastian Briozzo. Impacts on sovereign, provincial, corporate, financial institutions, and structured finance ratings will depend on the specific policy initiatives undertaken to tackle macro imbalances and pace of recovery in the economy.

This report does not constitute a rating action.

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