On June 1, 2005, Standard&Poor's Ratings Services raised its long-term issuer credit rating (ICR) on the Republic of Argentina to 'B-' from 'SD' (see "Republic Of Argentina Long-Term Sovereign Credit Rating Raised To 'B-' From 'SD'," published June 1, 2005, on RatingsDirect, Standard&Poor's Web-based research and credit analysis system), while leaving its 'D' rating on the portion of Argentina's defaulted debt issues for which debtholders elected not to subscribe in the exchange offer now being executed (the subscription period ended in February 2005). This is a variation of Standard&Poor's usual policy of requiring that an ICR be 'D' or 'SD' if a 'D' rating is assigned to any issue. Until today, Standard&Poor's