NEW YORK (Standard&Poor's) Oct. 30, 2002--Standard&Poor's Ratings Services said today that it assigned its double-'C' rating to the Republic of Argentina Argentine peso-denominated ArP3.438 billion 2007 BODEN bond due Feb. 3, 2007, the U.S. dollar-denominated US$886 million 2005 BODEN bond due May 3, 2005, and the U.S. dollar-denominated US$11.77 billion 2012 BODEN bond due Aug. 3, 2012. These bonds were issued by Argentina to depositors who chose to participate in the "bonds-for-term-deposits swaps" program applied to frozen deposits as well as to banks to compensate for the asymmetric pesification of their assets and liabilities. The new bonds that will be issued to depositors once the second ongoing swap concludes are also likely to be rated double-'C'
