Argentina Power Q4 2018
While the success of Argentina's latest round of renewables auctions confirmed our cautiously positive outlook for theArgentine power sector, rising investor concern over the pace of fiscal consolidation is likely to delay further progress. With the steepdevaluation of the peso in 2018 expected to undermine private capital inflows and the overall business environment, thegovernment has already suspended the construction of the fourth reactor at the Atucha III nuclear power plant, leading us toremove it from our forecasts. Our Power team will monitor the developments closely in the coming months before making anyfurther adjustments to our forecasts, as the IMF credit line is still expected to provide stability over the medium term.
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