Quel che diceva Moody's all'uscita del nuovo decennale:
New York, June 24, 2019 -- Moody's Investors Service ("Moody's") has assigned a B2 rating to YPF Sociedad Anonima's ("YPF") proposed senior unsecured notes due 2029. The issuance volume will be in line with benchmark size. The outlook is stable.
Net proceeds from the proposed issuance will be used for liability management, capital spending and working capital requirements.
The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable.
Rating assigned:
Issuer: YPF Sociedad Anonima
- Senior unsecured 10-year notes due 2029: B2
RATINGS RATIONALE
YPF's B2 ratings reflect the company's large oil and gas production and reserve size, solid cash generation and credit metrics for its rating category. The ratings also reflect YPF's status as the largest industrial corporate and energy company in the domestic market, where it generates the bulk of its revenue, and its links with the government of Argentina (B2 stable), its controlling shareholder.
The ratings are mainly constrained by YPF's concentration of operations in Argentina, a moderate-to-high foreign-currency risk given that most of the company's debt is denominated in foreign currency, its portfolio of majority mature producing fields and its rigid labor cost structure.
YPF's ratings combine its underlying b2 Baseline Credit Assessment (BCA), which expresses a company's intrinsic credit risk, and our view of moderate support from and high dependence on the government of Argentina (B2 stable). YPF's b2 BCA incorporates its vulnerability to the local energy policy framework and economic environment and its rigid labor cost structure. It also takes into consideration our belief that the company's credit metrics will remain strong for the B rating category through the next 12-18 months.