Fitch lowers YPF

Fitch Ratings said it downgraded the local currency issuer default rating on YPF SA to B+ from BB-.

The agency said it also lowered the rating on YPF's $100 million notes due 2028 to B and revised the recovery rating on the notes to RR4 from B+/RR. In addition, Fitch lowered the national scale rating on YPF to AA+(arg) from AAA(arg).

The agency said it also lowered the ratings on YPF's $50 million class III notes and ARP100 million class V notes to AA+(arg) from AAA (arg). Finally, the agency lowered the company's two bond programs at $1 billion each to AA+(arg) from AAA(arg).

The outlook for these ratings was revised to negative from stable.

In conjunction with these rating actions Fitch said it affirmed YPF's foreign currency issuer default rating at B with a stable outlook.

The agency said the rating downgrade and negative outlook reflect the increased government intervention towards YPF.

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