In our view, the recent government policies could increase risks to Argentina's macroeconomic framework, squeeze its external liquidity, and hinder medium-term growth prospects. We revised the outlook on the Republic of Argentina to negative from stable. We affirmed our 'B' unsolicited long-term foreign and local currency sovereign credit ratings, 'raAA' national scale rating, and 'B' transfer and convertibility assessment on Argentina. NEW YORK (Standard&Poor's) April 23, 2012--Standard&Poor's Ratings Services revised its outlook on the Republic of Argentina to negative from stable. In addition, we affirmed our 'B' unsolicited long- and short-term ratings and our 'raAA' national scale rating on Argentina. At the same time, we affirmed our 'B' transfer and convertibility assessment on Argentina. "The negative
