Brazil vs Argentina
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Brazil | Argentina | |
|---|---|---|
| BT-SFS score | 48.4 | 42.5 |
| Composite rating | BB | B− |
| Fiscal pillar | 33.0 | 65.7 |
| External pillar | 68.4 | 41.2 |
| Macro pillar | 62.5 | 43.1 |
| Institutions pillar | 35.4 | 60.4 |
| Benchmark bond | BRAZIL 5.5 33 | ARGENT 4.125 35 |
| Spread over Treasuries | 157 bps | 468 bps |
| Yield to worst | 5.72% | 8.83% |
| Duration | 5.3y | 5.3y |
Metric by metric
| Metric | Brazil | Argentina |
|---|---|---|
| Current account / GDP | -2.7% (35.4) | -0.8% (60.4) |
| International reserves, months of imports | 8.0 mo (93.3) | 3.6 mo (26.7) |
| General government debt / GDP | 96.5% (12.5) | 70.4% (33.3) |
| Interest expense / revenue | 18.1% (35.4) | 4.5% (81.3) |
| Primary balance / GDP | -0.5% (54.2) | 1.9% (85.4) |
| WGI institutional composite | -0.36 (35.4) | -0.13 (60.4) |
| Real GDP growth | 1.9% (18.8) | 3.5% (57.3) |
| GDP per capita, USD | $12,313 (56.3) | $14,357 (60.4) |
| Inflation stress | 4.0% (100.0) | 30.4% (19.6) |
Frequently asked questions
Who has stronger fundamentals, Brazil or Argentina?
Brazil scores higher on the BT Sovereign Fundamentals Score: 48.4 (Brazil) vs 42.5 (Argentina), a gap of 5.8 points.
Whose USD bonds trade wider, Brazil or Argentina?
Argentina trades wider: 157 bps (Brazil) vs 468 bps (Argentina) over US Treasuries — a 311 bps gap on near-5-year USD benchmarks.
Related
- Brazil — full Brazil profile: pillars, metrics, history.
- Argentina — full Argentina profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.