S&P has downgraded Argentina long-term local currency debt rating from CCC- to SD, accompanied by a negative outlook. The Long-Term Foreign Currency Debt Rating remains at CCC-. The negative outlook underscores the risks associated with economic imbalances and policy uncertainties linked to the upcoming 2023 national election. Meanwhile, economy minister Sergio Massa mentioned that Chevron Corp. will invest up to USD 500 million in developing the El Trapial field in the Vaca Muerta deposit.