Moody’s upgrades Argentina’s credit rating to “B3″, stable outlook – FORTUNE

NEW YORK (Reuters) –

Moody’s Investors Service upgraded Friday the credit rating of Argentina in one notch to “B3″ from “Caa1″, with the expectation that the country will resolve their disputes with creditors unpaid debt, resulting in a return to the international capital markets.

the agency also based its decision on the improvement of economic policies since the center-right president Mauricio Macri took office in December 2015.

“the new government withdrew capital controls and allowed to float more freely, weight reduced subsidies on energy and transport and began to correct macroeconomic imbalances long time,” he said Moody’s.

the Perspective of note is stable, Moody’s said.

on Friday, Argentina has appointed Deutsche Bank, JP Morgan, HSBC, Santander, BBVA, Citigroup and UBS as underwriters sets for the issuance of debt that the country will seek concrete next week, on his return to global capital markets after nearly 15 years of marginalization.

the entities selected by the South American country for which placement could reach 15,000 billion dollars had been reported weeks ago by IFR a financial information service Thomson Reuters, citing a source familiar with the matter.

Argentina seek to obtain the funds to pay on Friday next to a group of holders of unpaid titles since 2002 that won a lawsuit against the country in the United States week, a spokesman for the financial portfolio said.

the government that took office in December 2015 has endeavored to reach an agreement with those creditors -led by Elliott Management and Aurelius Capital, funds obtained a ruling in 2014 that has since prevented the country to pay part of its debt restructured until not compensate.

This measure was recently suspended after Argentine officials reached a deal to pay those bondholders, in more beneficial than those offered in the exchanges of the 2005 and 2010 debt, which were accepted by about 93% of conditions creditors.

President Mauricio Macri came to power with a program of orthodox policies to revive the economy of Argentina, beaten after years of shortage of foreign exchange to the interventionist policies of the previous administration of center-left at investments.