S&P rates Neuquén notes

Standard & Poor's said it assigned its preliminary B+/raAAA ratings to Argentina's Province of Neuquén's $125 million secured amortizing notes due 2014.

This is the first cross border structured transaction secured by a portfolio of assets originated in Argentina to be issued in the capital markets since the Argentine economic, financial and sovereign crisis of 2002, the agency said.

S&P added that the preliminary ratings are based on the solid credit enhancement protection that includes overcollateralization and a debt service reserve account equivalent to the next scheduled debt service payment.

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