According to EFE on January 8, Moody's Ratings said on the 8th that due to the "predictability" and "consistency" of the Argentine economy, the agency has upgraded its credit rating for Argentina, with the local currency upgraded to B3 and the foreign currency upgraded to Caa1. Moody's pointed out in a statement: "The decision to increase the local and foreign currency ceilings reflects the increased predictability and consistency of economic measures, which have led to a rapid easing of monetary and fiscal imbalances. The ultra-high inflation rate is a factor that has contributed to monetary and fiscal imbalances." Moody's added: "Despite the low degree of capital account openness, the measures taken by the Argentine government to remove cross-border payment restrictions and foreign currency convertibility have increased the country's foreign currency liquidity." In addition, "the government's policy has shifted to reduce the role of the state in the economy, and the reduction in intervention measures indicates that the possibility of transfer and convertibility risks in the event of payment defaults is reduced."