We study the cosmological constant problem in a three-dimensional N=2
supergravity theory with gauge group SU[2]_{global}xU[1]_{local}. The model we
consider is known to admit string-like configurations, the so-called semi-local
cosmic strings. We show that the stability of these solutions is provided by
supersymmetry through the existence of a lower bound for the energy, even
though the manifold of the Higgs vacuum does not contain non-contractible
loops. Charged Killing spinors do exist over configurations that saturate the
Bogomolnyi bound, as a consequence of an Aharonov-Bohm-like effect.
Nevertheless, there are no physical fermionic zero modes on these backgrounds.
The exact vanishing of the cosmological constant does not imply, then,
Bose-Fermi degeneracy. This provides a non-trivial example of the recent claim
made by Witten on the vanishing of the cosmological constant in three
dimensions without unphysical degeneracies.Comment: 12 pages, LaTeX. To appear in Physics Letters