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Moody's improves outlook for Argentina

Xinhua, November 25, 2015 Adjust font size:

Moody's, one of the world's leading rating agencies, changed its outlook for Argentina's credit rating from stable to positive on Tuesday.

This move is based on the pledge from Mauricio Macri, Argentina's president-elect, to liberalize Argentina's economy and increase opportunities for foreign investment.

Macri, a member of the conservative Cambiemos party, was elected as Argentina's new president on Monday and will be sworn in on Dec. 10 for a four-year term.

Moody's said in a press release that "the main drive of the outlook change...is that Argentina's policy stance will become more credit positive in the aftermath of Sunday's elections."

"We expect the new administration to devote efforts to improving the economic and institutional environment over the coming months, through a series of reforms aimed at tackling persistently high levels of inflation and lack of data accountability," it added.

Macri will face a tough economic situation as Argentina has become used to the high-spending years of late President Nestor Kirchner and incumbent Cristina Fernandez de Kirchner.

According to Moody's, official reserves have fallen to below 22 billion U.S. dollars, raising doubts about the government's ability to meet its debt obligations in 2016. Endite