On Dec. 4, 2020, the terms of one of Neuquen's loans became effective, completing the province's restructuring of its international debt totaling $857 million. The restructuring slashed debt service for the next two years, mitigating default risks in the short term. We're raising our global scale rating on the Province of Neuquen to 'CCC+' from 'SD'. The outlook is stable, reflecting the province's lower debt service for the next 12 months. On Dec. 9, 2020, S&P Global Ratings raised its long-term foreign and local currency issuer credit ratings to 'CCC+' from 'SD' on the province of Neuquen. We also affirmed our senior unsecured and secured issue-level ratings at 'CCC+'. The stable outlook reflects lower risks of default in the next
