NEW YORK (Standard&Poor's) March 22, 2004--Standard&Poor's Ratings Services today issued a commentary that examines the differences in approach being used to restructure sovereign and provincial debt in the Republic of Argentina. The article, entitled "A Paradox: Provincial Versus Sovereign Debt Restructuring in Argentina," examines the dynamics behind the courses of action undertaken by the most important Argentine provinces toward their international debt and relates it to that followed by the republic. "Defaults in Argentina pose an interesting paradox," said credit analyst Sebastian Briozzo. "Argentine provinces today receive funds from the central government that somewhat help them to promote more favorable restructuring proposals than the republic itself is able to offer," he explained. The commentary looks at
