Moody's upgraded the province's rating to B3, citing its fiscal performance and record of meeting obligations. Santa Fe remains among the jurisdictions that have not restructured their debt.
Miércoles 30 de julio de 2025
The international rating agency Moody's raised the debt rating of the Province of Santa Fe from Caa1 to B3, which represents a two-notch upgrade in its credit rating. With this decision, the province governed by Maximiliano Pullaro ranks above the national government, which maintains a Caa3 rating, indicating a higher risk.
Moody's upgrade is based on several factors. These include the province's budgetary strength, its long-standing commitment to meeting its financial obligations, and a significant factor in recent Argentine history: Santa Fe is, along with the Autonomous City of Buenos Aires, one of only two jurisdictions that have never restructured their debt.
In a scenario where the nation still faces voluntary financing restrictions and a rating comparable to that of countries in default, Santa Fe stands out for its fiscal responsibility and ability to pay.
The provincial executive interprets this improvement as an endorsement of its strategy for putting public accounts in order and as a key tool for improving access to external credit on more advantageous terms.
‘We understand fiscal prudence and commitment to compliance as two fundamental pillars. In this regard, the fact that an international rating agency whose scoring mechanisms are governed by absolutely objective and transparent methodologies recognises these qualities is noteworthy,’ said Secretary of Economic Policy Pablo Gorban.
The official also pointed out that this is not just a symbolic achievement, ‘but rather a high rating that signals a low risk of default for the province, which in turn translates into better access to financing in external markets.’
FIX had already anticipated the upturn
Moody's acted after local agency FIX SCR, linked to Fitch Ratings, awarded Santa Fe its highest-ever local currency credit rating in 2024.
In that report, FIX raised the province's long-term rating from A+(arg) to AA-(arg) and its short-term rating from A1(arg) to A1+(arg), the highest rating for this segment.
At that time, the agency highlighted the improvement in operating cash flow resulting from tax and pension reforms, prudent management of provincial assets and a solid liquidity position. In practical terms, these variables reinforce the district's payment capacity and, therefore, its credit profile vis-à-vis the financial system.