OREANDA-NEWS. Fitch Ratings has assigned an expected long-term rating of 'B(exp)' to the Province of Chubut, Argentina's forthcoming bond. The bond will be issued for up to USD650 million and will be a direct, general, unconditional and unsubordinated obligation of Chubut. The notes will be secured by a percentage of hydrocarbon royalties to be paid by Pan American Energy LLC's Argentine branch to the Province. The rating is in line with the province's Long-Term Foreign Currency Issuer Default Rating of 'B'/Outlook Stable. Chubut's ratings are capped by the Country Ceiling.