OVERVIEW On Aug. 23, 2013, the U.S. Second Circuit Court of Appeals upheld the ruling of a District Court in New York in the case against the Republic of Argentina that would require Argentina to make payments to bondholders of its defaulted debt. At the same time, the U.S. Second Circuit Court of Appeals kept the stay order pending an appeal to the U.S. Supreme Court. We are lowering our unsolicited long-term ratings on Argentina to 'CCC+' from 'B-'. The outlook is negative, reflecting our view of the increased risks to debt service from these legal proceedings. RATING ACTION On Sept. 10, 2013, Standard&Poor's Ratings Services lowered its unsolicited long-term foreign and local currency sovereign credit ratings on
