MONTERREY, Mexico--(BUSINESS WIRE)--Fitch Ratings has withdrawn the expected long-term rating of 'CCC(EXP)'
on the Province of Neuquen, Argentina's proposed bond for up to USD350
million.
Fitch has withdrawn the expected rating assigned in September 2015
because the transaction is no longer expected to finalize.
Fitch's current long-term foreign and local currency ratings for the
Province of Neuquen are 'CCC'. Neuquen is characterized by having a
fiscal autonomy above average; the behavior of the local income is
explained by provincial tax on gross income and hydrocarbon royalty
income that imposes taxes on oil and gas production. However, the
Province is also limited due to its great economic concentration and
because the oil and gas sectors are highly regulated by the national
government of Argentina.
Date of relevant rating committee: Sept. 8, 2015
Additional information is available on www.fitchratings.com
Applicable Criteria
International Local and Regional Governments Rating Criteria (pub. 18
May 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865254
Tax-Supported Rating Criteria (pub. 14 Aug 2012)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
Additional Disclosures
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=996626
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2detail=31
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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
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CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.
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