Latin America credit rating upgrades

In late July 2026, Moody’s Investors Service raised the credit rating of Argentina’s Santa Fe province from B3 to B2, placing the sub‑national jurisdiction ahead of the national sovereign rating. The agency highlighted the province’s solid revenue base, prudent fiscal policy and recent bond issuance as reasons for the upgrade.

A week later, Moody’s reaffirmed a AAA rating for Banreservas, the Dominican Republic’s largest bank, and confirmed an AA+ rating for its long‑term local‑currency subordinated debt. At the same time, the regional rating firm Feller Rate upgraded Banco Santa Cruz to an AA rating with a positive outlook. Both banks were praised for strong asset quality, low non‑performing loans and resilient profitability despite a challenging macro‑economic environment.

Together, these assessments illustrate a broader trend of rating agencies assigning higher grades to sub‑national entities and financial institutions across Latin America, citing sound fundamentals, disciplined fiscal management and robust liquidity as key drivers of the improved credit outlook.