S&P ups YPF Energia Electrica

S&P said it upgraded YPF Energia Electrica SA to CCC+ from SD and its issue-level rating to CCC+ from CCC-. The company finished an exchange of its $100 million series I bond due May 10 on Monday

“We believe that short-term refinancing risks have ceased, given that the central bank restricted corporations from accessing dollars needed to service foreign debt until December 2021. In addition, YPFEE doesn't have large maturities in dollars until 2026, when its $400 million international bond starts to amortize,” S&P said in a press release.

The outlook is stable.

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