<SEC-DOCUMENT>0001193125-20-109818.txt : 20200417
<SEC-HEADER>0001193125-20-109818.hdr.sgml : 20200417
<ACCEPTANCE-DATETIME>20200417061302
ACCESSION NUMBER:		0001193125-20-109818
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200417
FILED AS OF DATE:		20200417
DATE AS OF CHANGE:		20200417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YPF SOCIEDAD ANONIMA
		CENTRAL INDEX KEY:			0000904851
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				521612271
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		20797625

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES 1364 AR
		STATE:			C1
		BUSINESS PHONE:		5413267265

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d893530d6k.htm
<DESCRIPTION>FORM 6-K
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or <FONT STYLE="white-space:nowrap">15d-16</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of April, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-12102</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>YPF Sociedad An&oacute;nima </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Macacha
G&uuml;emes 515 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>C1106BKK Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by
check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YPF Sociedad An&oacute;nima </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Translation of letter to the Buenos Aires Stock Exchange dated April&nbsp;16, 2020. </P></TD></TR></TABLE>
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<IMG SRC="g893530g0417034001591.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSLATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Buenos Aires, April 16, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bolsa de Comercio de Buenos Aires </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Buenos Aires Stock
Exchange) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Re: Rating of Negotiable Obligations </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the requirements of the
Argentine Securities Commission (the &#147;CNV&#148;) Rules and continuing with the communication dated April&nbsp;15, and according to the requirement of CNV, it is reported that the modification of the rating made by Moody&#146;s Investors Service
from Caa2 to Caa3 includes the rating of the Senior Unsecured Notes Classes XXVIII, XXXIX, XLVII and L issued under the Global Medium-Term Note Program with a maximum nominal amount in circulation at any time of US$ 10,000,000,000 (US Dollars ten
billion) or its equivalent in other currencies. Likewise, it includes the classification of the Series I Senior Unsecured Notes issued under the Frequent Issuer Regime. The respective report is attached. Lastly, it is informed that the referred
agency does not rate negotiable securities of YPF S.A. in a national scale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ignacio Rostagno </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Market
Relations Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">YPF S.A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>YPF Sociedad An&oacute;nima</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top">Date: April&nbsp;17, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Rostagno</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ignacio Rostagno</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Title:</TD>
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<TD VALIGN="bottom">Market Relations Officer</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d893530dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g893530g0417035023280.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rating Action: Moody&#146;s downgrades Argentine <FONT STYLE="white-space:nowrap">non-financial</FONT> companies and
concludes review for downgrade; negative outlook </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>07 Apr 2020 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, April 07, 2020 &#151; Moody&#146;s
Investors Service, (&#147;Moody&#146;s&#148;) has downgraded the ratings for several <FONT STYLE="white-space:nowrap">non-financial</FONT> companies operating in Argentina. The outlook was revised to negative from ratings under review. This
concludes the review for downgrade initiated on 3 September 2019. The actions follow the downgrade of the Government of Argentina&#146;s bond rating to Ca from Caa2, with the outlook changed to negative from ratings under review, on April&nbsp;3,
2020. For more information, please see &#147;Moody&#146;s downgrades Argentina to Ca, changes outlook to negative&#148; available at <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://www.moodys.com/research/Moodys-downgrades-Argentina-to-Ca-changes-outlook-to-negative--PR_419595
</FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT STYLE="font-family:Times New Roman"> . </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISSUERS AND RATINGS DOWNGRADED, NEGATIVE OUTLOOK
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Arcor S.A.I.C.&acute;s Corporate Family Rating (CFR) and senior unsecured global notes&#146; ratings were downgraded to Caa2 from B3. The outlook was
revised to negative from ratings under review. This concludes the review for downgrade initiated on 3 September 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pan American Energy, S.L.&#146;s
CFR was downgraded to Caa1 from B2. The outlook was revised to negative from ratings under review. This concludes the review for downgrade initiated on 3 September 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pan American Energy, S.L., Argentine Branch&acute;s backed senior unsecured global medium-term notes program rating was downgraded to (P)Caa1 from (P)B2 and
the rating of the backed senior unsecured global medium-term notes was downgraded to Caa1 from B2. The outlook was revised to negative from ratings under review. This concludes the review for downgrade initiated on 3 September 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Raghsa S.A.&acute;s CFR and senior unsecured notes ratings were downgraded to Caa2 from Caa1. The outlook was revised to negative from ratings under review.
This concludes the review for downgrade initiated on 3 September 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tecpetrol Internacional S.L.U.&#146;s CFR was downgraded to Caa1 from B2. The
outlook was revised to negative from ratings under review. This concludes the review for downgrade initiated on 3 September 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TECPETROL S.A.&#146;s
backed senior unsecured notes&#146; rating was downgraded to Caa1 from B2. The outlook was revised to negative from ratings under review. This concludes the review for downgrade initiated on 3 September 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telecom Argentina S.A.&#146;s senior unsecured notes&#146; rating was downgraded to Caa3 from Caa1. The outlook was revised to negative from ratings under
review. This concludes the review for downgrade initiated on 3 September 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF Sociedad Anonima&#146;s (YPF) senior unsecured notes ratings was
downgraded to Caa3 from Caa2. The rating of the medium-term notes program was downgraded to (P)Caa3 from (P)Caa2. YPF&#146;s Baseline Credit Assessment (BCA) was downgraded to caa3 from caa2. The outlook was revised to negative from ratings under
review. This concludes the review for downgrade initiated on 3 September 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RATINGS RATIONALE </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The downgrades and changes in outlook to negative for these companies follow the downgrade of the Government of Argentina&#146;s ratings to Ca from Caa2, with
the outlook changed to negative from ratings under review, on April&nbsp;3, 2020. The rating actions reflect Moody&#146;s view that the creditworthiness of these companies cannot be completely <FONT STYLE="white-space:nowrap">de-linked</FONT> from
the credit quality of the Argentine government, and thus their ratings need to closely reflect the risk that they share with the sovereign. Moody&#146;s believes that a weaker sovereign has the potential to create a rating drag on companies
operating within its borders, and therefore it is appropriate to limit the extent to which these issuers can be rated higher than the sovereign, in line with Moody&#146;s cross-sector rating methodology &#147;Assessing the Impact of Sovereign Credit
Quality on Other Ratings &#147; published in June 2019, and available on www.moodys.com. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s decision to downgrade the Government of Argentina&#146;s ratings to Ca reflected Moody&#146;s
expectation that private creditors will likely incur substantial losses in the current government debt restructuring process as the economic and financial shock stemming from the pandemic compounds the funding stress that forces the government to
reduce its upcoming debt payments obligations in the coming years. The negative outlook reflects the risk that investor losses under the government debt restructuring may be beyond levels consistent with a Ca rating, which typically captures losses
of up to 65%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal methodology used in rating Arcor S.A.I.C. was Consumer Packaged Goods Methodology published in February 2020 and available at <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx? docid=PBC_1202237</FONT><FONT STYLE="font-family:Times New Roman">. The principal methodology used in rating TECPETROL S.A.
and Tecpetrol Internacional S.L.U. was Independent Exploration and Production Industry published in May 2017 and available at
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1056808</FONT><FONT STYLE="font-family:Times New Roman"> . The principal methodology used in rating
Pan American Energy, S.L., Argentine Branch and Pan American Energy, S.L. was Integrated Oil and Gas Methodology published in September 2019 and available at
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1172345</FONT><FONT STYLE="font-family:Times New Roman"> . The principal methodology used in rating
Raghsa S.A. was REITs and Other Commercial Real Estate Firms published in September 2018 and available at </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?
docid=PBC_1095505</FONT><FONT STYLE="font-family:Times New Roman">. The principal methodology used in rating Telecom Argentina S.A. was Telecommunications Service Providers published in January 2017 and available at </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1055812</FONT><FONT STYLE="font-family:Times New Roman"> . The methodologies used in rating YPF Sociedad Anonima
were Integrated Oil and Gas Methodology published in September 2019 and available at </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1172345</FONT><FONT
STYLE="font-family:Times New Roman"> , and Government-Related Issuers Methodology published in February 2020 and available at
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1186207</FONT><FONT STYLE="font-family:Times New Roman"> . Alternatively, please see the Rating
Methodologies page on www.moodys.com for a copy of these methodologies. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REGULATORY DISCLOSURES </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For further specification of Moody&#146;s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to
Assumptions in the disclosure form. Moody&#146;s Rating Symbols and Definitions can be found at: <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#006598">https://www.moodys.com/researchdocumentcontentpage.aspx?
docid=PBC_79004</FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For ratings issued on a program, series, category/class of debt or security this
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existing ratings in accordance with Moody&#146;s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their credit ratings from the support provider&#146;s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional
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no amendment resulting from that disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These ratings are solicited. Please refer to Moody&#146;s Policy for Designating and Assigning Unsolicited
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Martina Gallardo Barreyro </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">VP-Senior</FONT> Analyst </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corporate Finance Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JOURNALISTS: 0 800 891 2518 </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s Investors Service, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250 Greenwich Street </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JOURNALISTS: 1 212 553 0376 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Client Service: 1 212 553 1653 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


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issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody&#146;s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to
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Nationally Recognized Statistical Rating Organization (&#147;NRSRO&#148;). Therefore, credit ratings assigned by MSFJ are <FONT STYLE="white-space:nowrap">Non-NRSRO</FONT> Credit Ratings. <FONT STYLE="white-space:nowrap">Non-NRSRO</FONT> Credit
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
