Political and economic uproar in Argentina sent already-sliding sovereign ratings further down a descending spiral last week, though Standard and Poor's seemed to take the most heat from market participants as it has been the only one to additionally downgrade 13 structured finance transactions in the region thus far.

Moody's Investors Service changed Argentina's sovereign rating to B2 from B1, Fitch downgraded it to single B+ from BB- and S&P changed the rating to single B+ from BB-. The rating changes are a result of the near three-year recession and the heated political turmoil in the country.

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