by bondevalue | Mar 8, 2021 | High Yield Bonds
Argentina’s state-owned oil producer YPF reported Q4 net profits of $539mn and a loss of ~$1.1bn for the full year. Revenues decreased by 32% YoY on the back of a decrease in fuels’ sales during the year. Demand for refined products dropped, driving a volume decrease...
by bondevalue | Mar 2, 2021 | Credit Ratings, High Yield Bonds
S&P Global Ratings has raised the issuer ratings of YPF to CCC+ from SD after having downgraded it to SD from CC on February 26. The new rating of CCC+, which is higher than its earlier CC rating before the recent downgrade, is based on the completion of the debt...
by bondevalue | Mar 1, 2021 | Credit Ratings, High Yield Bonds
S&P has downgraded Argentine oil company YPF to SD from CC based on the risks faced by the company. The rating agency considers the recently concluded exchange offer between YPF and its bondholders for its $413mn 8.5% senior secured notes due in March 2021 to be...
by bondevalue | Feb 19, 2021 | Credit Ratings, High Yield Bonds
Rating agency Fitch upgraded YPF’s long-term rating to CCC after YPF struck a deal last week to swap $2.1bn in international bonds. Fitch estimated that YPF will pay an average of $700mn in interest per year through 2023. In the exchange, YPF issued: $775mn in 2026s...
by bondevalue | Feb 15, 2021 | High Yield Bonds
Argentinian state-owned energy giant YPF avoided a hard default on its dollar bonds after it received enough support from bondholders to proceed with a restructuring of $2.1bn in bonds, which was significantly lower than its planned debt exchange of $6.2bn. YPF got...
