Moody’s assigns B3 to YPF notes

Moody's Investors Service said it assigned a B3 global foreign currency rating to YPF SA’s proposed $750 million Argentine peso-linked floating-rate notes due 2020.

The outlook is stable.

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

Because YPF is majority owned and controlled by the Argentine government, its B3 ratings reflect the application of Moody's joint default rating methodology for government-related issuers (GRIs).

YPF's rating combines its underlying b3 BCA, which expresses a company's intrinsic credit risk; the B3 local currency rating and stable outlook of the Argentine government; and Moody's view of moderate support from and high dependence on the sovereign, the agency said.

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