NEW YORK - It's a shaky outlook ahead for Latin American markets - at least that's what the consensus seemed to be at last week's meeting for the 2002 outlook for Latin America held by Standard and Poor's.

Argentine investors nearly wept at the announcement that S&P downgraded Argentina's sovereign rating once again, this time to double-C from triple-C-plus, coupled with the bad news that the International Monetary Fund (IMF) has said it will not bail the country out again.

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