On May 17, 2016, the Argentinean province of Neuquen announced the final settlement of the voluntary debt exchange of its existing TICAP secured amortizing notes due 2021. Neuquén exchanged the outstanding $110.4 million of these notes for the new secured amortizing TICADE notes due 2028, the equivalent of 69.62% of the outstanding TICAP notes' balance. We don't consider this exchange offer as tantamount to default because we believe it doesn't meet the conditions to be considered as such. As a result, we're affirming our 'B-' ratings on the province's outstanding TICAP notes. On May 19, 2016, S&P Global Ratings affirmed its 'B-' global scale, issue-level rating on the province of Neuquén's 30.38% secured amortizing notes originally for $260 million, backed
