Recent government policies could increase risks in Argentina's macroeconomic framework, squeeze its external liquidity, and hinder medium-term growth prospects, in our view. Compensating these weaknesses, at the current rating, is the government's declining principal payments on capital market debt over the next two years. We're affirming our 'B' unsolicited long-term foreign and local currency sovereign credit ratings and 'raAA' national scale rating on Argentina. The 'B' transfer and convertibility assessment remains unchanged. The outlook remains negative. On Sept. 28, 2012, Standard&Poor's Ratings Services affirmed its 'B' unsolicited long- and short-term sovereign credit ratings and our 'raAA' national scale rating on the Republic of Argentina. The outlook on the ratings remains negative. Our 'B' transfer and convertibility assessment on
