A declining external debt burden, and A high level of human development. A legacy of weak public institutions and legal and regulatory uncertainties; A high burden of government debt; and Limited monetary flexibility. The ratings on the Republic of Argentina reflect improved external and fiscal flexibility. Recent years of impressive economic growth and fiscal surpluses, combined with the reduction in the sovereign's debt burden in 2005 after debt rescheduling, have strengthened the sovereign's financial profile. The threat of economic disruption caused by the acrimonious process of debt rescheduling, the creditors who did not participate in the offer, and by a tense relationship with the International Monetary Fund (IMF) has also abated. The ratings on Argentina are supported by: A declining
