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Abstract This paper examines the behaviour of credit rating agencies (CRAs) during the ebbing ‘pink tide’. It claims that the actions of S&P Global, Moody’s and Fitch contributed to dismantling left-wing regimes in Latin America, to the benefit of their right-wing competitors. The methodology draws on case studies of Brazil and Argentina, where the governments of Dilma Rousseff and Cristina Fernández de Kirchner were replaced by those of Michel Temer and Mauricio Macri, respectively. The research is based on sovereign ratings, reports and press releases the agencies issued during those transitions, which are analysed in the light of critical theories of their modus operandi and confronted with the political processes unfolding in both countries. This allows us to draw conclusions that are consistent with the presented argument, thereby contributing to advance the research agenda around the CRAs and to shed light on Brazil and Argentina’s recent critical presidential transitions.