Argentina's recession, exacerbated by COVID-19 and lockdowns, will continue to erode the province of Neuquen's fiscal performance. As a result, in our opinion, there's a growing likelihood that the province will pursue a debt exchange on its dollar-denominated debt from a position of financial distress and equivalent to default. On July 22, 2020, S&P Global Ratings lowered its issuer credit ratings on Neuquen to 'CC' from 'CCC-'. The negative outlook on the rating reflects our view of a potential distressed debt exchange during 2020, given the province's ongoing fiscal deterioration. On July 22, 2020, S&P Global Ratings lowered its issuer credit ratings on the province of Neuquen to 'CC' from 'CCC-'. The outlook on the ratings is negative. We also
