The Argentine province of Neuquen announced it had completed the restructuring of its two foreign law bonds with outstanding amounts of $683 million. Of the two bonds, we rate the senior unsecured bond known as "Tideneu". In the context of Argentina's significant recession, closed international debt markets for Argentine provinces, and Neuquen's revenue underperformance and high expenditure pressure this year, we're considering the foreign currency debt restructure process as distressed. As a result, we are lowering our issuer credit ratings on Neuquen to 'SD' from 'CC', and our rating on Neuquen's senior unsecured notes to 'D' from 'CC'. On Nov. 26, 2020, S&P Global Ratings lowered its long-term foreign and local currency issuer credit ratings to 'SD' from 'CC'. We
