Argentina's beleaguered economy has managed to take a significant step toward recovery on Wednesday, Feb. 3, as the country's local credit ratings were significantly raised by Standard and Poor's. The S&P's approval comes as a clear sign that the current projects and financial decisions of newly-elected Argentine president Mauricio Macri are working well, according to Bloomberg Business.

"The new Administration has presented a credible plan to deal with long-standing macroeconomic imbalances, eliminated foreign-exchange restrictions, and begun negotiations with its holdout creditors. As a result, we are raising our long-term unsolicited local currency rating to B- from CCC+," analysts from S&P stated.

Since coming to power last December, President Macri has been particularly keen on settling cases that have been embroiling Argentina's economy. He has also been putting a lot of effort in expanding the country's access to global markets.

He has also spearheaded a number of major economic reforms, including lifting capital controls, devaluing the country's currency, and investing vastly on the development and improvement of the nation's energy infrastructure.

Apart from his programs for the country's economy, Macri has also adopted a pretty open approach when dealing with the Argentina's creditors. Just recently, representatives from the Latin American country held a meeting with its creditors in New York, in order to discuss possibilities on how the the country could handle its outstanding debt, reported Barrons News.

Such a meeting is very significant, especially since the previous Argentine government has not been very keen on having a good working relationship with its creditors. After all, it takes a fairly overt government viewpoint before common Argentines started dubbing the country's creditors as "vultures."

With Macri in the helm of the country, however, things seem to be bound for change. If any, the current president seems intent on correcting things that were significantly lacking on the previous government's handling of the Latin American country's financial situation.

Considering Standard and Poor's new rating for the country, it very well seems like Macri is pushing the country towards the right path. After all, a country embroiled in an economic crisis such as Argentina does not get a B- rating from S&P without doing something significant.

Despite the improvement in the country's local credit rating, however, more still needs to be done, as Argentina's foreign currency notes would remain tagged as selective default. Until such time that Macri's government resolves the country's previous default back in 2014, anyway.

Considering Macri's proactive stance on fixing the country's economy, such a thing might not take very long at all.