Moody's Investors Service "upgraded the...>

ARGENTINA: Moody's Investors Service "upgraded the Government of Argentina's

local and foreign currency

issuer and senior unsecured ratings to B2 from B3. The senior unsecured shelves

were upgraded to (P)B2 from (P)B3," stable outlook. It affirmed Argentina's

short-term rating was affirmed at Not Prime

(NP). The senior unsecured ratings for unrestructured debt were affirmed

at Ca and the unrestructured senior unsecured shelf affirmed at (P)Ca."

- It said "key drivers" were "1) A record of macro-economic reforms that are

beginning to address long existing distortions in Argentina's economy" and "(2)

The likelihood that reforms will continue and in turn sustain the recent return

to positive economic growth."

- It adds "stable outlook on Argentina's B2 ratings balances Argentina's credit

strengths of its large, diverse economy and moderate income levels against the

credit challenges posed by still high fiscal deficits and a reliance on external

financing, which increases its vulnerability to external event risk."