On May 5, 2016, Argentina paid $2.7 billion of past-due interest on its discount, par, and global 2017 bonds that were in default since July 2014. Following the payment, we are raising our long- and short-term foreign currency sovereign credit ratings on Argentina to 'B-/B' from 'SD/D'. We are also affirming our 'B-/B' local currency sovereign credit ratings and our 'B-' transfer and convertibility assessment. The outlook on the long-term ratings is stable, balancing our view of the government's commitment to a fiscal and structural adjustment with the economic and political challenges of doing so. On May 6, 2016, S&P Global Ratings raised its long-term foreign currency sovereign credit rating on the Republic of Argentina to 'B-' from 'SD' (selective
