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Subject S&P declares Argentina in selective default !!

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New York, Jul 30 (EFE).- Rating agency Standard & Poor's said Wednesday that Argentina entered into selective default after failing to make interest payments to holders of restructured debt.

The $539 million to cover the payments arrived at Bank of New York Mellon a month ago, but the U.S. federal judge who ruled in favor of holdout creditors demanding 100 cents on the dollar for Argentine bonds has barred the bank from distributing the money.

Wednesday marked the end of the 30 days Argentina had to make good on the interest payments, which were due June 30.

S&P said it reduced Argentina's rating from CCC- to SD because "the grace period expired with bondholders not receiving their payment."

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