Moody’s assigns YPF add-on notes Caa1

Moody's Investors Service said it assigned a Caa1 global foreign currency rating to YPF SA's proposed $750 million in aggregate in add-ons to its outstanding 8 7/8% $587 million notes due in 2018 and 8¾% $1 billion notes due in 2024.

Both series were issued in the global capital markets.

The outlook is negative.

Because is majority owned by the Argentine government, YPF's Caa1 rating reflects the application of Moody's joint default rating methodology for government-related issuers.

YPF's Caa1 rating combines its underlying baseline credit assessment of b3; the Caa1 local currency rating and negative outlook of the Argentine government; and the agency's view of moderate support from and high dependence on the sovereign, Moody’s said.

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