NEW YORK (Standard&Poor's) Nov. 14, 2002—Standard&Poor's Ratings Services said today that it affirmed its credit ratings and outlook on the International Bank for Reconstruction&Development ((IBRD), or World Bank, AAA/Stable/A-1+) and on those other multilateral lending institutions with large credit exposures to the Republic of Argentina (Selective Default). These include the Inter-American Development Bank ((IADB), AAA/Stable/A-1+), the International Finance Corporation ((IFC), AAA/Stable/A-1+), and the Inter-American Investment Corporation ((IIC), AA/Negative/A-1+). This announcement comes in the aftermath of Argentina's decision to pay only US$79.2 million of a scheduled payment of US$805 million due IBRD within the 30-day grace period provided under IBRD policies, which will prompt the imposition of sanctions against the country. Having defaulted on its
