Given that the terms of the recent restructuring of Neuquen's debt bond, known as Tideneu, became effective on Nov. 27, 2020, we're raising our issue-level rating on the senior unsecured bond to 'CCC+' from 'D'. We're also raising our issue-level rating on Neuquen's senior secure bond, known as TICAP, to 'CCC+' from 'CCC-'. We affirmed our global scale issuer rating at 'SD' given that the Argentine province has yet to complete a restructuring of its international commercial loan. On Nov. 30, 2020, S&P Global Ratings affirmed its long-term foreign and local currency issuer credit of the province of Neuquen at 'SD'. We also raised the issue-level rating on Neuquen's senior unsecured $377 million notes (Tideneu) to 'CCC+' from 'SD'. In
