OVERVIEW The U.S. Supreme Court yesterday declined to hear an appeal by the government of the Republic of Argentina of a lower court decision that ruled in favor of plaintiffs against Argentina. The Supreme Court decision raises the risk of payment interruptions on the foreign currency debt the sovereign owes to bondholders under New York law. As a result, we are lowering our long-term foreign currency rating on Argentina to 'CCC-' from 'CCC+'. The outlook on the long-term ratings is negative based on the potential for a payment interruption or a distressed debt exchange. RATING ACTION On June 17, 2014, Standard&Poor's Ratings Services lowered its unsolicited long-term foreign currency rating on the Republic of Argentina (Argentina) to 'CCC-'
