Fitch affirms Argentina

Fitch Ratings said it affirmed Argentina's long-term local currency issuer default rating at B, country ceiling at B+, performing bonds in foreign- and local-currency governed by Argentine law at B/RR4, performing bonds in foreign-currency governed by foreign law at B-/RR4, short-term foreign issuer default rating at B and long-term foreign-currency issuer default rating remains at RD.

The outlook on the local-currency issuer default rating is stable.

Fitch said it also affirmed bonds currently in default that were not tendered in the 2005 distressed debt exchange at CC/RR4 for senior unsecured notes and CCC-RR3 for collateralized Brady bonds.

Ratings reflect the country's twin surpluses, as well as its manageable financing requirements for the forecast period through a combination of intra-public sector financing, private placements and local issuances, the agency said.

With limited access to international capital markets, however, Argentina could encounter refinancing difficulties if market conditions deteriorate sharply, the agency said.

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