Fitch downgrades Neuquen

Fitch Ratings said it downgraded the Province of Neuquen's long-term foreign- and local-currency issuer default ratings to C from CCC. Also, Fitch downgraded Neuquen's Ticade Series I 8 5/8% senior secured bond for $348.69 million due May 12, 2028 to C from CCC and Tideneu 7½% senior unsecured bond for $366 million due April 27, 2025 to C from CCC.

“The action reflects Fitch's expectations that Neuquen's liquidity is insufficient to cover its 2020 debt service and financing needs, and reflects the recent consent solicitation process launched by the province on Aug. 10, 2020 to amend the province's Ticade and Tideneu debt terms and conditions in a context of financial and debt distress, thus classifying as a distressed debt exchange (DDE) debt restructuring proposal with probability of execution in the near term,” Fitch said in a press release.

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