Standard & Poor's has placed Argentina's CCC-/C long and short term currency ratings on watch.

Standard & Poor's has placed Argentina's CCC-/C long and short-term foreign currency ratings on watch, due to the likelihood of a default. "The CreditWatch placement reflects our view of at least a one-in-two probability that Argentina will not pay the outstanding $539M interest payment on the discount bonds within the 30-day grace period," says S&P. The agency has also maintained its negative outlook on the country's long-term local currency rating.