S&P revises up Argentina debt rating

S&P has raised Argentina's long-term sovereign credit rating to 'B+' from 'B' with a stable outlook.

While not all is rosy in the Casa Rosada presidential palace – inflation is proving tricky to tame and balancing the books and reforms remain challenges – data shows that economic growth is accelerating and the Cambiemos coalition of President Mauricio Macri put in a solid performance in the October midterms.

In the second quarter GDP grew 2.7% year-on-year, up from 0.3% in January-March. The economy contracted in 2016.

"The rating action reflects greater confidence about the government's political capacity to continue pursuing its economic agenda, resulting in more predictable economic policy and governance. In this context, we expect moderate but sustained economic growth in the next three years and lower potential volatility," S&P said in a statement.

Moody's and Fitch have also said revisions could be made to the country's sovereign debt rating. Moody's currently rates Argentina 'B3' with a positive outlook and Fitch rates it 'B' with a stable outlook.