Moody’s rates YPF notes Caa3

Moody’s Investors Service said it rated YPF SA’s up to $1.7 billion of seven-year amortizing trust-enhanced global notes Caa3.

Concurrently, the agency said it affirmed YPF’s Caa3 corporate family, senior secured and senior unsecured ratings.

The company will use the proceeds for repayment and/or refinancing of indebtedness, including the concurrent tender offer concerning the 2024 notes whose outstanding amount is $346.31 million. YPF's offer to buy its 2024 notes will allow the company to extend the duration of the company's debt, Moody’s said. Proceeds will also be used for investments in fixed assets and working capital in Argentina.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.