This chapter begins the case study on Argentina. It provides an overview of the country’s political and economic trajectory within the study’s timeframe, from the brief administration of Eduardo Duhalde—who preceded the Kirchnerist cycle—through Mauricio Macri’s presidency. This analysis captures shifts in economic policy, transitions of power between governments with different ideological orientations, and changes in the international economic environment over the period. The chapter then offers a descriptive examination of rating agencies’ statements within this context, laying the groundwork for applying the study’s analytical framework in the following chapter.