The negative outlook on the unsolicited ratings on the Republic of Argentina (assigned in April 2012) is based on the implication of government policies enacted since the October 2011 presidential elections that we believe could over time increase the risk of a deterioration in the country's macroeconomic framework, put pressure on its external liquidity, and weaken Argentina's medium-term growth prospects. These policies include rising restrictions on international trade and access to foreign currency, a modification to the Central Bank charter, and a growing level of public sector intervention into different sectors of the economy. (See also "Argentina Transfer And Convertibility Risk Assessment Remains Unchanged At 'B'," published Oct. 11, 2012, and "What?s Driving Standard&Poor?s Transfer And Convertibility Risk
