NEW YORK (Standard&Poor's CreditWire) July 22, 1999--Standard&Poor's today has affirmed its double-'B' long-term senior unsecured rating on the Republic of Argentina's US$68.5 billion of foreign currency debt. Also, Standard&Poor's affirmed its triple-'B'-minus rating on the Republic's US$15.5 billion of long-term senior unsecured peso-denominated debt. The single-'B' foreign currency and 'A-3' local currency ratings on Argentina's US$3.5 billion of short-term dollar- and peso-denominated LETES are also affirmed. At the same time, Standard&Poor's affirmed its double-'B' long-term foreign currency and its triple-'B'-minus long-term local currency sovereign credit ratings on the Republic. The Republic's single-'B' foreign currency and 'A-3' local currency short-term sovereign ratings are also affirmed. The rating outlook is revised to 'negative' from
