S&P upgrades YPF

S&P said it raised its issuer credit ratings on YPF SA to CCC+ from SD and the issue-level ratings to CCC+ from CCC-.

The upgrade follows YPF completing a debt exchange of a large portion of its foreign-currency debt, extending debt maturities and reducing interest and debt payments through 2023, S&P said.

The agency said it forecasts YPF needing at least three years to return to pre-pandemic oil and gas production levels.

The outlook is stable.

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