Fitch affirms YPF

Fitch Ratings said it affirmed the issuer default ratings of YPF SA at local-currency BBB- and foreign-currency BB+ and the national scale rating at AAA(arg).

The outlook is stable.

The ratings reflect the strength of the company's financial profile and liquidity position along with its vertically integrated operations, Fitch said.

Balanced against these considerations are the company's lack of asset diversification, declining hydrocarbon reserves, exposure to oil price fluctuations and the government's intervention in the energy sector, the agency said.

At the end of June, the company's total debt-to-EBITDA ratio was 0.2 times.

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