S&P cuts Argentina's credit rating, bonds fall

ARGENTINA - Standard & Poor's on Tuesday 9 October cut Argentina's long-term sovereign credit rating to sit deep within junk bond territory, saying the government faces severe challenges in balancing its budget.

The ratings agency took the move five days before Congressional elections that analysts say could complicate President Fernando De La Rua's task of rebuilding an economy mired in a prolonged recession.

S&P cut Argentina's long-term sovereign credit rating to CCC-plus from B-minus and af