NEW YORK (Standard&Poor's CreditWire) June 8, 2000--Standard and Poor's said today that the government of the Republic of Argentina (local currency triple-'B'-minus/Stable/'A-3'; foreign currency double-'B'/Stable/ 'B') has responded to the sovereign's disappointing April tax revenue performance in a manner that illustrates its strong commitment to fiscal discipline and structural reform, and that recent measures to foster competitiveness and growth show an ability to react quickly to changing circumstances. The government's initial response to the poor April data (and, therefore, the threat of not being able to meet its second-quarter International Monetary Fund (IMF) fiscal target) was not well received by the markets, as it included a tax on deposits in the domestic banking system that was perceived as
