A Fitch upgrade, a corruption scandal entering its third month, and quarterly results from Argentina's two largest companies by market cap — with very different outcomes.

FULL THREAD AVAILABLE ON X! https://x.com/ArgentinaBrief/status/2053545311293919531

This week: Economy Minister Luis Caputo shifts his tone on tapping international debt markets. Fitch raises Argentina from CCC+ to B-minus, while Moody's hints a July upgrade could be possible. The Adorni scandal intensifies as Patricia Bullrich publicly breaks ranks. MercadoLibre delivers 49% revenue growth but plunges 12.7% — and Michael Burry says he's buying. YPF beats estimates but slips on fuel price freeze questions. Plus: REM survey shows inflation steady but GDP expectations trimmed.

🎧 For a deeper dive, check out Episode 2 of the monthly Argentina Brief podcast with Dan Politi and Allie Lazar — available on all podcast platforms.

Stories covered:

1. Caputo shifts tone on international debt issuance
2. Fitch raises Argentina to B-minus
3. Moody's signals possible July upgrade
4. Adorni scandal — Bullrich calls for urgent asset declaration
5. Milei approval falls below 36%
6. REM survey: 2.6% inflation, peso forecasts strengthen, GDP trimmed to 2.8%
7. MercadoLibre Q1: 49% revenue growth, stock plunges 12.7%
8. Michael Burry takes position in MELI
9. YPF Q1: beats estimates, fuel price freeze in focus