Lower oil prices and higher payroll spending pressures in 2025 have eroded the Argentine Province of Neuquen 's accumulated liquidity. However, buoyant oil and gas sector production is an encouraging sign for revenue collection in Neuquen, and we expect balanced fiscal results. We affirmed our 'B-' long-term issuer credit ratings on the Province of Neuquen. The stable outlook incorporates our expectation that, with balanced budget outcomes, fairly low and smooth debt service will be covered by various forms of financing (including market debt). On Dec. 19, 2025, S&P Global Ratings affirmed its 'B-' foreign and local currency long-term issuer credit ratings on the Province of Neuquen. The outlook remains stable. The stable outlook reflects our expectation of balanced fiscal results
