New York (Standard&Poor's) October 18, 2004 -- Standard&Poor's Rating Services said today that it raised its rating on the Republic of Argentina's Argentine peso-denominated and U.S. dollar denominated bonds, called Bonos del Gobierno Nacional (BODENs), to 'CCC+' from 'CCC'. Standard&Poor's also raised its long-term local currency rating on Argentina's peso-denominated National Government Guaranteed Loans ("Prestamos Garantizados") to 'CCC+' plus from 'CC'. Standard&Poor's also affirmed its 'SD' long-term foreign and local currency sovereign credit ratings on the republic. The upgrade on the bonds reflects both the diminishing threat of an involuntary restructuring of either class of debt in the coming years and the government's track record of timely payments on this debt even
