Fitch ups Argentina

Fitch Ratings said it upgraded Argentina's long-term foreign-currency issuer default rating to B from restrictive default, or RD, along with its long-term local-currency issuer default rating to B from B-. The agency also said it affirmed Argentina's short-term issuer default rating at B and country ceiling at B.

The outlook is stable.

The removal of the restrictive default rating reflects the completion of the second defaulted debt swap with a 67% participation rate, Fitch said.

The ratings are supported by comparatively high per capita income levels, high economic growth in recent years, a relatively favorable public debt composition and eight consecutive years of current account surpluses, Fitch said.

The country was able to manage balance of payments pressures and continued to service debt in 2008 and 2009 despite the external and domestic shocks and financing constraints it faced during this period, the agency said.

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