The increase was made as a result of Fitch's upgrade of Argentine corporates' long-term local currency issuer default rating to B from B- and the country ceiling to B+ from B, according to the statement.
"The Argentine sovereign rating actions reflect reductions in government financing requirements and favorable near-term economic prospects," according to the Fitch report. Debt amortization requirements through end-2007 are modest compared with those of other speculative grade sovereigns."
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