Argentinas country risk drops below 500 points for first time since January

Argentina’s country risk fell 2.4% on Monday, dropping to 498 basis points, the lowest it’s been since January of this year. The development comes on the heels of credit rating agency Fitch’s decision to upgrade the country’s sovereign credit rating to B- last week. The development did not go unnoticed by the government.  Felipe Núñez, a key member of Luis Caputo’s team, announced it on his X social media account: “Gentlemen, country risk currently stands at 498 points.”  Caballeros, el riesgo país se encuentra en los 498 ptos en estos momentos.🦁🇦🇷📈— Felipe Núñez 🦅 (@Felii_N) May 11, 2026 Argentine sovereign bonds denominated in U.S. dollars — Bonares and Globales — are trading higher at the start of the week. Dollar-denominated sovereign bonds are rising 0.2%, bringing their gains to 3% in the first part of May. The S&P Merval gains 0.4% while Wall Street remains near record highs. The B- credit score is six notches below investment grade, which indicates low default risk and high security for investors. Currently six Latin American countries hold investment-grade status: Chile, Uruguay, Peru, Panama, Mexico, and Paraguay. The performance of Argentine bonds Hard-currency bonds are up by 0.9%, led by the Global 2038 bond, followed by the Global 2046 (+0.8%) and the Bonar 2041 (+0.5%). Against this backdrop, the country risk index falls to 498 basis points. The performance of Argentine bonds stands out on a Monday marked by predominantly negative trading across the region’s main markets. Government bonds from Brazil, Chile, Colombia, Mexico, Ecuador, Paraguay, Peru, and Uruguay are all trading lower. Locally, the S&P Merval rises 1.1% to 2,799,613.94 points. Among the leading stocks posting the strongest gains are YPF (+3.3%), Pampa Energía (+2.9%), and Edenor (+1.9%). Meanwhile, ADRs and Argentine stocks listed on Wall Street are trading mostly higher. YPF, Edenor, and Pampa Energía lead gains with increases of 3.8%, 3.3%, and 3.2%, respectively. According to the analyst of Puente Argentina’s newsletter, “This week’s main focus, in terms of data releases, will be the April 2026 Consumer Price Index (CPI), which will be published on Thursday. In this regard, the Market Expectations Survey (REM) forecasts a monthly increase of 2.6%. In addition, the National Treasury will carry out May’s first debt auction on Wednesday, while the menu of instruments will be announced on Monday.” With information from Ambito