Moody’s applies Caa1 to YPF notes

Moody's Investors Service said it assigned a Caa1 global foreign currency rating to YPF SA's proposed $1 billion in notes due in 2021.

These notes will be issued in the global capital markets.

Proceeds will be used for capital expenditure and working capital purposes.

The outlook is positive.

Because YPF is majority owned and controlled 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 (BCA), which expresses a company's intrinsic credit risk, of b3; the Caa1 local currency rating and positive outlook of the Argentine government; and Moody's view of moderate support from and high dependence on the sovereign.

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