Argentina's limited external, monetary, and fiscal flexibility, as well as a potential negative ruling by the U.S. Supreme Court that could disrupt payments to bondholders, are factors that constrain our rating. The government faces challenges in containing high inflation, pressures on the exchange rate and falling foreign exchange reserves, as well as the need to service its US$6 billion Boden 2015 bond that matures in October 2015. We are affirming our global scale 'CCC+/C' ratings on Argentina. We are also affirming our national scale 'raBB+' rating. The outlook remains negative, reflecting the possibility of a downgrade if external liquidity worsens or if we perceive legal risks to debt servicing have increased or have become more imminent. On April 4, 2014,
