(Corrects figure of debt coming due in 1st paragraph)

NEW YORK, June 5 (Reuters) - Standard & Poor's said on Friday Argentina's offer to prepay a $2.251 billion debt coming due in August does not affect its ratings, which remain constrained by the country's limited sources of financing.

Argentina offered to pay in advance the next principal and interest payment on its Boden 2012 bonds ARBODEN12D=RASL at a discount, in an attempt to dispel rumors that the government could default on its obligations after mid-term elections in June. For details, see [ID:nN04486082].

The prepayment would not be considered as default by S&P, "as long as the discount rate applied to the operation is not material and relates to the time value of money," S&P said in a statement.

S&P said, however, that Argentina's B-minus rating remain pressured by the country's lack of financing sources and the uncertainty regarding the government's economic policies.

"The economic environment is deteriorating because of decelerating economic activity, high inflation, and vulnerability to capital outflows," the ratings agency said.

For 2009, however, Argentina relies on sufficient intra-governmental financial to close its budget gap, S&P noted. Foreign reserves also remain at comfortable levels, supporting the ratings, it added. (Reporting by Walter Brandimarte; Editing by Diane Craft)