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Fitch to assign B/RR4 to YPF notes
Fitch Ratings said it expects to assign a long-term rating of B(EXP)/RR4 to YPF SA's proposed 2047 issuance and the reopening to of 6.95% senior unsecured notes due 2027.
The company expects to raise up to $1 billion with these proposed issuances with the possibility to issue jointly up to $1.5 billion.
The company expects to use the proceeds to refinance its debt, which may include a cash tender offer to repurchase any and all of its outstanding 8 7/8% senior notes due 2018, for investments in fixed assets and working capital located in Argentina.
The proposed notes will rank pari passu in priority of payment with all other YPF's senior unsecured debt and will be rated the same as all of the company's senior unsecured obligations.
Fitch said the ratings reflect YPF’s strong linkage with the credit quality of the Republic of Argentina and the company's relatively low reserve life. The company’s B long-term ratings are linked to Argentina's sovereign rating, which has long-term local currency and foreign currency issuer default ratings of B/positive.
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