S&P: YPF unaffected

Standard & Poor's said YPF SA's (local currency BB+/positive/--; foreign currency BB/stable/--) dividend announcement will not affect the company's ratings.

YPF announced the payment of dividends for Argentine peso eight per share that would total about ArP3.15 billion.

S&P said YPF has an aggressive dividend policy, evidenced by large dividend payments in the past four years resulting in an average payout ratio of close to 100%.

However, given its conservative capital structure and strong cash flow generation resulting in a sound financial profile, S&P said this cash outflow has not affected YPF's credit quality, although these dividend payments might become politically sensitive in the future.

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