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S&P lowers YPF
S&P said it lowered its YPF SA issuer rating to CC from CCC- and sees possibly dropping the rating to SD after YPF completes a transaction to refinance its bonds due 2021. The agency also removed YPF’s ratings from CreditWatch with negative implications.
YPF is offering three new bonds with final maturities in 2026, 2029, and 2033 in exchange for the senior unsecured bonds maturing in March 2021, April 2024, March 2025, July 2025, July 2027, June 2029 and December 2047.
For the 2021 bond, S&P said the exchange offer doesn’t provide sufficient competition and there is a likelihood of conventional default without the exchange.
“We view the offer for the rest of YPF’s bonds (other than for the 2021 bond) as opportunistic, given that the likelihood of YPF unable to serve them is sharply lower given that our assumption that transfer and convertibility (T&C) restrictions are momentary,” S&P said in a press release.
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