Fitch affirms YPF

Fitch Ratings said it affirmed YPF SA's long-term foreign-currency issuer default rating at BB-, long-term local-currency issuer default rating at BB, national long-term rating at AAA (arg), notes due 2028 at BB-, debt issuance program at AAA (arg), senior unsecured notes at AAA (arg) and equity rating at Level 1 (arg).

The outlook is stable.

The agency said YPF's ratings reflect its solid business profile as Argentina's dominant integrated oil company and Fitch's expectation that its credit metrics will remain strong.

The also incorporate the company's weak upstream metrics, asset concentration in Argentina and exposure to government intervention in the energy sector, Fitch said.

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