The rating report, which assigns an AA (arg) note with a “stable” trend, estimated that the company’s Ebitda could reach levels close to US $ 3,600 million this year (slightly below those registered in 2019). .
The outcome forecast assumes “a record of current national gas and liquid fuel prices, incentive programs, and international oil prices.”
YPF, whose controlling shareholder is the national state, “has a leadership position in the main segments in which it operates, being the largest integrated local hydrocarbon company,” with “strategic importance” in the sector, Fix stressed.
He added that the company’s relative strength in the country gives it access to the local capital market, and “would allow it to refinance pending maturities from 2021 to 2023.”
In this sense, the agency recalled that YPF faces maturities of US $ 426 million this year and US $ 815 million the next, “which are manageable for the credit profile.”
The refinancing of international liabilities carried out in the first quarter of 2021, the operational improvement and local NO issuances for a total of close to US $ 506 million, “limit the additional financial needs,” the rating agency evaluated.
After assuming that YPF refinances bank loans for the next twelve months, the company will have to cancel debt in the capital market for US $ 807 million, the report said.
In the productive aspect, he said that YPF “maintains the challenge of increasing its hydrocarbon reserves”, after in 2020 it reported proven reserves for 5.4 years of production.
Source From: Ambito
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