The unsolicited foreign currency ratings on Argentina remain 'SD' following its July 2014 default. The new Administration has presented a credible plan to deal with long-standing macroeconomic imbalances, eliminated foreign-exchange restrictions, and begun negotiations with its holdout creditors. As a result, we are raising our long-term unsolicited local currency rating to 'B-' from 'CCC+'. In addition, we are raising our transfer and convertibility (T&C) assessment to 'B-' from 'CCC-'. The outlook on the local currency rating is stable, reflecting the new economic policies of the Administration, but also the potential difficulties in passing and implementing those plans. On Feb. 3, 2016, Standard&Poor's Ratings Services raised to 'B-/B' from 'CCC+/C' its unsolicited local currency long-term and short-term sovereign credit
