On Sept. 25, 2007, Standard&Poor's Rating Services affirmed its 'B+' long-term and 'B' short-term sovereign credit ratings on the Republic of Argentina. The outlook on the long-term rating is stable. The ratings are supported by: A declining external debt burden. Net external debt is projected to decline toward 77% of projected current account earnings this year, thanks to both strong export growth and rising foreign exchange reserves. As a result, the country's external liquidity is likely to continue to improve in the near term; and A higher level of human development than in other similarly rated sovereigns. Argentina enjoys better health and education indicators and better physical infrastructure than its rated peers, and has greater technical and managerial
