The September terrorist attacks on US soil and Operation
Enduring Freedom temporarily deflected attention from
Argentina's deteriorating financial situation. But the
unflattering glare quickly found its way back to the South
American country. On October 9, Standard & Poor's
downgraded Argentina's long-term credit rating to CCC+ with a
negative outlook, putting it deep in junk bond territory. The
ratings agency cited the increasingly severe economic and
social challenges the country faces in balancing its budget.
S&P also downgraded a number of Argentine corporate issuers
just days ahead of mid-term elections that promise to
complicate President Fernando de la Rúa's efforts to
revive a moribund economy .
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