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Bond Market News

YPF Stand-alone Credit Profile Upgraded to B from B-

YPF’s stand-alone credit profile (SACP) was upgraded to ‘b’ from ‘b-‘ by S&P. Its revenues are continuing to grow and its capacity utilization is approaching 90%, S&P said. The rating agency said that “P1 reserves increased 24% YoY, while the reserve replacement ratio improved to 2.3x in 2021, after years of barely matching 1x”. YPF is seen to have a strong cash position and is expected to have a “relatively good access to domestic capital markets” for raising up to $1bn per year. S&P adds that YPF’s operating and financial performance continues to strengthen while its cash position of ARP 147bn ($1.3bn) and rising free cash flows would help it to cover debt payments until 2024. While S&P upgraded the stand alone credit profile, it affirmed its CCC+ ratings on YPF. The SACP is an important component of a company’s rating and is opinion of an issue/issuer(s) creditworthiness, in the absence of extraordinary intervention from its parent or affiliate or related government.

YPF’s USD 8.75% 2024s were up 0.4 points to 89.7 cents on the dollar.

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