Buoyant oil and gas production and higher hydrocarbon prices have bolstered the Province of Neuquen's revenue, complemented by enhanced liquidity from a $500 million international bond. We forecast modest deficits after capital expenditure (capex), reflecting Neuquen's planned allocation of resources for, and financing of, infrastructure development and economic diversification. We revised upward our stand-alone credit profile (SACP) of Neuquen to'b+'from'b-', given its stronger financial profile and increased flexibility to manage potential volatility in revenue. We also affirmed our'B-'long-term issuer credit ratings. The outlook remains stable, balancing improvements in the province's financial position with the ongoing risks stemming from Argentina's economic vulnerabilities. On Nov. 3, 2026, S&P Global Ratings affirmed its'B-'foreign and local currency
