We expect that Argentina will maintain surpluses or only small deficits on both the fiscal and current accounts in 2011. A relatively high level of international reserves despite the announcement on its utilization for payment of external debt. High levels of human capital that support long-term growth. Limited access to funding. Lack of predictability on the direction of economic policies and an increasingly challenging political environment. Growing rigidities in government spending, in large part because of rising subsidies, that will complicate fiscal policy implementation. Standard&Poor's Ratings Services raised its sovereign credit rating on the Republic of Argentina on Sept. 13, 2010, following improvements in the government's financial profile that stemmed from lower debt levels and diminished short-term liquidity
