Through the worst of Argentina's post-devaluation recession, a securitization of oil and gas royalties originated by the province of Salta made good on its payments. But now, six years after the economy touched bottom and subsequently entered a prolonged growth spurt, the province may end up doing what many Argentine issuers did six years ago - restructure.

"Officials from Salta's provincial government have expressed...their intention to propose a restructuring of the notes' terms," said Standard & Poor's in a release. Officials from Salta's finance ministry didn't answer a request for comment.

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