Moody’s assigns Caa1 to YPF notes

Moody's Investors Service said it assigned a Caa1 global foreign currency rating to YPF SA’s proposed $1.5 billion in global notes.

The outlook is negative.

Because YPF is majority owned by the Argentine government, the 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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