Argentina's country risk index fell to 421 basis points this week — its lowest level in eight years — following sovereign credit rating upgrades from Fitch Ratings and Standard & Poor's, both of which raised the country to "B-" in May and June respectively, citing fiscal consolidation, slowing inflation, and improved reserve levels. The JP Morgan-compiled indicator, which measures the premium Argentina must pay to borrow in dollars above US Treasury rates, has been further supported by a 10% gain in dollar-denominated sovereign bonds in the first half of the year. Despite the improvement, analysts caution that further compression is limited, Argentina still pays a significantly higher risk premium than regional peers such as Mexico (164 points) and Brazil (178 points), and Finance Secretary Federico Furiase has played down an imminent return to international debt markets, noting that foreign-currency maturities through 2027 are already covered.