S&P has not given positive credit outlooks for most Latin American nations in 2023 due to the challenge of stimulating economic growth. Argentina requires swift economic adjustment post-election, as the market is unlikely to finance a transition like in 2015. Brazil faces difficulty implementing fiscal tightening due to a lack of support for necessary legislative changes to adjust fiscal and monetary policy. In Peru, social conditions affecting governability contribute to the negative outlook, but there is solid consensus on the direction of economic policy despite political turmoil. In contrast, Colombia is expected to meet its 2023 social spending goals without compromising its debt profile, thanks to strong revenues.