On Oct. 18, 2004, Standard&Poor's Rating Services 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+' from 'CC'. Standard&Poor's also affirmed its 'SD' long-term foreign and local currency sovereign credit ratings on the republic. The administration of President Nestor Kirchner faces a difficult challenge in shifting economic policy toward longer-term sustainable growth from short-term stabilization while addressing the needs of a population that has suffered a sharp fall in living standards (GDP fell cumulatively by around 20% during 1998-2002). Progress
