On April 6, 2021, the Argentine province of Neuquén issued local currency notes of ARP2.3 billion, maturing in April 2022. New issuance consisted of an exchange of ARP1.3 billion of local currency notes maturing on April 7, 2021, plus new debt resources of ARP1.0 billion. S&P Global Ratings doesn't consider this as a distressed debt exchange because the province had the liquidity to meet the ARP1.7 billion debt service due on April 7, 2021, and investors were compensated by the new terms. As a result, we affirmed the 'CCC+' ratings on the province of Neuquén. The outlook remains stable. On April 15, 2021, S&P Global Ratings affirmed its 'CCC+' long-term foreign and local currency issuer credit ratings on the province
