Credit ratings agency S&P Global upgraded Argentina's long-term sovereign credit rating to 'B-' from 'CCC+' on Wednesday, citing easing economic vulnerabilities and gradually improving external liquidity. However, the agency warned that the rating remains constrained by still-low net foreign-currency reserves, a history of policy volatility, and high levels of government debt relative to peers. S&P expects Argentina's economy to continue recovering after emerging from recession, supported by lower inflation, rising real wages, and a gradual recovery in domestic demand. Meanwhile, improved access to external financing, including multilateral funding and a gradual return to capital markets, should support foreign-exchange reserve accumulation and debt repayments. Moody's credit rating for Argentina was last set at Caa1 with a stable outlook. DBRS' credit rating for Argentina was last reported at B (low) with a stable outlook.