Argentina plans to issue global bonds for around US$15 billion whose proceeds will be used to pay holdout creditors from its 2001 default and for general financing purposes. We assigned a 'B-' global scale issue rating on the global bonds, although Argentina's long-term foreign currency sovereign credit rating remains 'SD' (selective default). Once Argentina cures its 2014 debt default, we expect to assign a new global scale foreign currency sovereign credit rating, subject to our assessment of any lingering legal threats that could impair future debt service. We are also affirming and changing to "solicited" from unsolicited the 'B-' and 'SD' local and foreign currency sovereign credit ratings on Argentina. In addition, we are affirming our 'B-' transfer and convertibility
