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Financial News: ARGENTINA: Ruling Coalition Electoral Victory Should Lead

ARGENTINA: Ruling Coalition Electoral Victory Should Lead To Reform - Moody's

10/26/2017 - 18:54:00 (RTTNews)

(RTTNews) - The increase in the number of pro-government lawmakers in the Argentinean Congress following the ruling coalition's triumph in Sunday's legislative elections strengthens the administration of Mauricio Macri - which, according to Moody's Investors Service, should push for reforms more positive to Argentina's credit profile.

Despite lacking a legislative majority, the Cambiemos coalition victory was greater than the polls indicated and it is the most recent of a series of electoral triumphs that turn Cambiemos from a local political faction established in 2005 in Buenos Aires into a national party.

"We hope that the government will try to deepen the economic reforms that are already underway and focus on several important legislative initiatives next year, including tax, labor and pension reform," the agency said.

Also, Moody's said reducing Argentina's high fiscal deficit is a key challenge that the government has been postponing after almost two years in office.

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