Fitch to rate YPF notes B-

Fitch Ratings said it expects to assign a rating of B-/RR4 to YPF SA's up to $1 billion proposed senior unsecured debt issuance with a 10-year maturity and amortizations in years eight (30%), nine (30%) and 10 (40%).

The agency pointed out that the offering is expected to be at a minimum $500 million, but could climb up to $1 billion depending on market interest.

The proceeds will be used to fund fixed asset investments in Argentina and working capital requirements.

Fitch said that YPF's ratings reflect its strong linkage with the credit quality of Argentina (local and foreign currency issuer default ratings B-, outlook negative, and CC, respectively) and the company's low reserve life.

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