OREANDA-NEWS. Fitch Ratings has withdrawn the expected long-term rating of 'CCC(EXP)' on the Province of Neuquen, Argentina's proposed bond for up to USD350 million.

Fitch has withdrawn the expected rating assigned in September 2015 because the transaction is no longer expected to finalize.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.