NEW YORK (Standard&Poor's) Sept. 16, 2003--Standard&Poor's Ratings Services today issued a commentary that examines the magnitude of the Republic of Argentina's 2001 default, the biggest sovereign default in history, and the challenges it faces in successfully renegotiating its debt. The article, entitled "Climbing Out of Debt: The Road Ahead for Argentina," (available on RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com; members of the media may obtain copies of the full report by contacting Christopher Mortell at (1) 212-438-2756 or by E-mail at christopher_mortell@standardandpoors.com), concludes that a sustainable economic recovery in Argentina following a rescheduling of debt with creditors would likely require a deeper fiscal adjustment than typically seen in Latin America in the
