I cover commodities, mostly oil & gas, often debunking risk premiums.Argentina's economy continues to face severe headwinds. The country ended 2018 with the second-highest rate of inflation in Latin America, which at 47% was only worse than that of crisis-ridden Venezuela. The administration of President Mauricio Macri has been largely ineffective in containing the ongoing decline of the peso.
The currency slump has forced Macri to seek a mammoth $56 billion aid package from the International Monetary Fund , and further economically painful decisions are likely to follow. With elections due in Argentina in October, market commentators remain anxious. However, the oil and gas sector is likely to see supportive business conditions despite a difficult macroeconomic climate, according to Moody's.
But attractive local oil and natural gas prices and a still favorable overall regulatory environment will support exploration and production operations in 2019," says Martina Gallardo Barreyro, Assistant Vice President of Moody's. But the agency is not expecting funding constraints in 2019 that would significantly weaken investment in E&P activities for its rated oil and gas companies YPF, PAE Argentine Branch, Pampa Energía or Tecpetrol Internacional.
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