<SEC-DOCUMENT>0001193125-21-007466.txt : 20210113
<SEC-HEADER>0001193125-21-007466.hdr.sgml : 20210113
<ACCEPTANCE-DATETIME>20210112201228
ACCESSION NUMBER:		0001193125-21-007466
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20210112
FILED AS OF DATE:		20210113
DATE AS OF CHANGE:		20210112

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:		21524669

	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>d240483d6k.htm
<DESCRIPTION>6-K
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<HTML><HEAD>
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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 January, 2021 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&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;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&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;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&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"><A NAME="toc"></A>TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><B>ITEM</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"><A HREF="#tx240483_1">1</A></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx240483_1">Translation of letter to the Buenos Aires Stock Exchange dated January&nbsp;12, 2021.</A></TD></TR>
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<IMG SRC="g240483g0113020000376.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><A NAME="tx240483_1"></A>Autonomous City of Buenos Aires, January&nbsp;12, 2021 </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"><I>Bolsa de Comercio de Buenos Aires </I></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; font-size:10pt; font-family:Times New Roman" ALIGN="right">Ref. Changes in the
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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the requirements of the Argentine Securities Commission (the &#147;CNV&#148;) Rules, we inform you that, on January&nbsp;11,
2021, S&amp;P Global Ratings (&#147;S&amp;P&#148;) modified YPF S.A.&#146;s (&#147;YPF&#148;) issuer rating from <FONT STYLE="white-space:nowrap">&#147;CCC-&#147;</FONT> to &#147;CC&#148; and maintained its
<FONT STYLE="white-space:nowrap">&#147;CCC-&#147;</FONT> international rating for YPF&#146;s Senior Unsecured Negotiable Obligations Series LII, LIII and LIV issued under YPF&#146;s Global Medium-Term Debt Securities Program for a maximum total
principal amount outstanding at any time of US$10,000,000,000 (ten billion US Dollars) or its equivalent in other currencies (the &#147;Program&#148;) and for YPF&#146;s Series I and Series XIII Unsecured Negotiable Obligations issued under the
Simplified Frequent Issuer Regime. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, Fitch Ratings (&#147;Fitch&#148;) modified YPF&#146;s long-term issuer default rating
and the rating its Senior Unsecured Negotiable Obligations from &#147;CCC&#148; to &#147;C&#148;, both on an international scale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fitch&#146;s rating modification includes the ratings for YPF&#146;s Senior Unsecured Negotiable Obligations Series XLVII, XXVIII, XXXIX, LII,
LIII and LIV, all of which were issued under the Program. Such modification also includes the rating for YPF&#146;s Senior Unsecured Negotiable Obligations Series XIII issued under the Simplified Frequent Issuer Regime. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, on January&nbsp;11, 2021, FIX SCR S.A. , an affiliate of Fitch, modified YPF&#146;s domestic long term ratings from AA (arg) to
CCC(arg) and its domestic short term ratings from &#147;A1+(arg)&#148; to &#147;C(arg)&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The reports issued by S&amp;P and Fitch are
attached as exhibits hereto. The FIX report is available in Spanish at: <FONT STYLE="white-space:nowrap">https://www.fixscr.com/reportes-web/view?id=42139.</FONT> </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>Santiago Wesenack </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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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">S&amp;P Report dated January&nbsp;11, 2021</TD></TR>
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fitch Report dated January&nbsp;8, 2021</TD></TR>
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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="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="3"><B>YPF Sociedad An&oacute;nima</B></TD></TR>
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<TD VALIGN="top">Date: January 12, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Santiago Wesenack</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago Wesenack</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="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Market Relations Officer</TD></TR>
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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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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Research Update: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>YPF
S.A. Downgraded To &#145;CC&#146; From <FONT STYLE="white-space:nowrap">&#145;CCC-&#146;</FONT> And Off CreditWatch Negative On Debt Exchange Proposal, Outlook Negative </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>January&nbsp;11, 2021 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Rating Action Overview</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>PRIMARY CREDIT ANALYST</B></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Argentina-based integrated oil company YPF S.A. has just announced a proposed
transaction that aims at refinancing most of its outstanding international bonds (due 2021, 2024, 2025, 2027, 2029, and 2047) and removing certain existing covenants.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Diego H Ocampo</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Buenos Aires</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(54) 114-891-2116</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">diego.ocampo</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">@spglobal.com</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;The company offered the transaction following the central bank&#146;s
September 2020 measure that limits the access to hard currency to Argentine issuers with debt maturities of more than $1&nbsp;million until the end of March 2021. Such a limitation is unprecedented and impairs YPF&#146;s ability to serve the
outstanding portion of its 2021 bonds (about $413 million).</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECONDARY CONTACT</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Luisa Vilhena</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sao Paulo</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+ 55 11 3039 9727</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">luisa.vilhena</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">@spglobal.com</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;In such a scenario, YPF offers to exchange all of its foreign currency bonds
for the following: the export-backed 8.5% 2026 bond, senior unsecured 8.5% 2029 bond, and the senior unsecured 7% 2033 bond. Although, in our view, this doesn&#146;t compensate for the extension of tenors, we consider that only the holders of the
2021 bond face the risk of its default if they decide not to participate in the transaction. Therefore, we consider that exchange to be equivalent to a default -&#150;we don&#146;t rate the 2021 bonds, so the rating impact will be only at the issuer
level.</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;On Jan. 11, 2021, S&amp;P Global Ratings lowered its issuer rating on YPF to
&#145;CC&#146; from <FONT STYLE="white-space:nowrap">&#145;CCC-&#146;.</FONT> We also expect to lower the issuer credit rating to selective default (SD) once the transaction is completed, and reassess the company&#146;s credit quality 24 hours
afterwards. We also removed ratings from CreditWatch with negative implications.</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;We view the offer for the rest of YPF&#146;s bonds (other than for the 2021
bond) as opportunistic, given that the likelihood of YPF unable to serve them is sharply lower given that our assumption that transfer and convertibility (T&amp;C) restrictions are momentary.</P></TD>
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<TD VALIGN="top"><B>www.spglobal.com/ratingsdirect</B></TD>
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<TD VALIGN="top" ALIGN="right"><B>January 11, 2021</B></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Research Update: YPF S.A. Downgraded To &#145;CC&#146; From &#145;CCC-&#146; And Off CreditWatch
Negative On Debt Exchange Proposal, Outlook Negative </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rating Action Rationale </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF is offering three new bonds (with final maturity in 2026, 2029, and 2033) in exchange for: the senior unsecured bonds maturing in March 2021, April 2024,
March 2025, July 2025, July 2027, June 2029, and December 2047. Creditors of the 2021 bond can opt to receive $12.5 in cash, plus accrued interest payments on it at the settlement and $87.5 in a new export-backed security that amortizes between 2023
to 2026, for each $100 tendered. The new 2026 secured bond has an 8.5% interest payable along with the principal from 2023 to 2026 and capitalizes the accrued interests from 2021 to 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bondholders of the rest of the existing bonds can opt to exchange them for a <FONT STYLE="white-space:nowrap">pre-defined</FONT> combination of the new bonds,
which would entail in most of the cases an extension of the tenors of their holdings while keeping the same interest (8.5%) or getting a lower one (7%), particularly for the holders of the bonds that mature beyond July 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We typically consider an exchange as tantamount to default due to the following factors: there&#146;s a likelihood of a conventional default if the exchange
is not completed, and it doesn&#146;t provide sufficient compensation for the extension of the tenors. In our opinion, both conditions are met for the holders of the 2021 bond, but the first condition doesn&#146;t necessarily apply to the rest of
the bonds offered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF&#146;s capacity to pay the outstanding 2021 bond ($413 million) is doubtful. This is because despite the sufficient amount in
Argentine pesos, the company won&#146;t be able to convert them to dollars to make the payment, given that Argentina&#146;s central bank has stated that it will only supply dollars for only 40% of the principal maturities coming due until
March&nbsp;31, 2021. Therefore, YPF would fall short about $250&nbsp;million for that maturity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In September 2020, the central bank restricted access to
foreign currency for domestic companies and residents given that the country&#146;s international reserves were falling rapidly due to the very weak economy prior to the pandemic, exacerbated by the lockdown. We estimate that Argentina&#146;s GDP
contracted <FONT STYLE="white-space:nowrap">11%-12%</FONT> in 2020. Given the central bank&#146;s measure, companies are forced to refinance 60% of the principal of debt maturities coming due prior to March&nbsp;31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Argentina could extend capital controls beyond March 2021 as the country steadies its foreign accounts, we view the restriction as temporary.
Therefore, the company&#146;s payments of bonds and principal amortizations in the medium and long term shouldn&#146;t be affected, in our view. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also
expect YPF&#146;s oil and gas volumes to continue normalizing, while the company increased pump prices five times in the past five months, after a price freeze for most of the first half of 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To protect cash, the company squeezed the cash cycle and slashed capital expenditures (capex) to $2&nbsp;billion in the past 12 months as of September 2020
from $3.5&nbsp;billion in 2019. The peso&#146;s sharp depreciation also contributed to YPF&#146;s lower capex and costs. In 2020, YPF&#146;s external financing has come mostly from bank debt refinancing and the domestic market where the company
issued over $500&nbsp;million (the bonds are paid in pesos, but the nature of the obligation is in dollars). Due to these factors, YPF&#146;s cash reserves were near $1&nbsp;billion as of Sept. 30, 2020, though they&#146;re mostly in pesos in
Argentina. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Outlook </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The negative outlook on YPF
reflects its potential downgrade to &#145;SD&#146; at the closing of the transaction. Once the exchange is completed, we expect to raise the ratings to the &#145;CCC&#146; category assuming no sharp reduction in Argentina&#146;s T&amp;C risks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except for the 2021 bond that we don&#146;t rate, we will keep the ratings on the rest of the bonds at <FONT STYLE="white-space:nowrap">&#145;CCC-&#146;</FONT>
until we reassess the company&#146;s credit quality following the exchange. At that time, we will also assess any subordination impact on those ratings if necessary. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right"><B>January 11, 2021</B></TD>
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<TD VALIGN="top" ALIGN="right"><B>2</B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Research Update: YPF S.A. Downgraded To &#145;CC&#146; From &#145;CCC-&#146; And Off CreditWatch
Negative On Debt Exchange Proposal, Outlook Negative </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Criteria: Group Rating Methodology, July&nbsp;1, 2019 </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April&nbsp;1, 2019
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March&nbsp;25, 2015
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers,
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012
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<FONT STYLE="white-space:nowrap">&#145;CCC-&#146;,</FONT> And &#145;CC&#146; Ratings, Oct. 1, 2012 </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Criteria: Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010 </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Related Research </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Various Rating Actions Taken On Argentine Companies Following Tightened Regulations On Accessing Foreign
Exchange, Sept. 18, 2020 </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ratings List </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Downgraded; CreditWatch/Outlook Action</B></P></TD>
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<TD VALIGN="bottom"><B>From</B></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>YPF S.A.</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuer Credit Rating</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CC/Negative/&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">CCC-/Watch</FONT> Neg/&#151;</TD></TR>
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<TD VALIGN="bottom"><B>To</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>From</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>YPF S.A.</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Unsecured</P></TD>
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<TD VALIGN="bottom">CCC-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">CCC-/Watch</FONT> Neg</TD></TR>
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<TD VALIGN="top" ALIGN="right"><B>January 11, 2021</B></TD>
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<TD VALIGN="top" ALIGN="right"><B>3</B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Research Update: YPF S.A. Downgraded To &#145;CC&#146; From &#145;CCC-&#146; And Off CreditWatch
Negative On Debt Exchange Proposal, Outlook Negative </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain terms used in this report, particularly certain adjectives used to express our view on rating
relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information
is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&amp;P Global Ratings&#146; public website at www.standardandpoors.com. Use the Ratings search box located in the left
column. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>January 11, 2021</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>4</B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Research Update: YPF S.A. Downgraded To &#145;CC&#146; From &#145;CCC-&#146; And Off CreditWatch
Negative On Debt Exchange Proposal, Outlook Negative </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top">1/11/2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g240483g0112171656438.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RATING ACTION COMMENTARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fri 08 Jan, <FONT STYLE="white-space:nowrap">2021-4:20</FONT> PM ET </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch Ratings-New York-08 Jan 2021: Fitch Ratings has downgraded YPF S.A.&#146;s (YPF) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to
&#145;C&#146; from &#145;CCC&#146;. In addition, Fitch has downgraded YPF&#146;s outstanding senior unsecured notes to &#145;C&#146;/&#145;RR4&#146; from &#145;CCC&#146;/&#145;RR4&#146;, and stand-alone credit profile to &#145;c&#146; from
&#145;bb&#146;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The downgrades reflect Fitch&#146;s view that the announced exchange offer and consent solicitation of YPF&#146;s seven outstanding
international bonds totaling $6.2&nbsp;billion represent a Distressed Debt Exchange, per Fitch&#146;s criteria. Fitch views the offer as a material reduction of the original terms due to the proposed exit consent level, decrease in coupons for the
outstanding 2024 and 2029 notes post-exchange, and a grace period for interest payment of two years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch sees the exchange offer as being expedited by
the Central Bank of Argentina&#146;s refusal to allow YPF to access the local FX market to settle the outstanding $413&nbsp;million of its previous $1.0&nbsp;billion outstanding March&nbsp;23, 2021 bond, which was not exchanged in July of 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result, YPF has announced a multi-tranche exchange offering. Fitch understands that all bondholders of YPF&#146;s outstanding 2021,2024,2025,2027,2029
and 2047 international bonds have been offered different <FONT STYLE="white-space:nowrap">two-part</FONT> offer in the early participation offer, which expires on Jan. 21, 2021. In all cases, the bondholders have been offered a portion of the new
8.5% senior secured export backed notes due 2026. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-ypf-sa-to-c-on-proposed-exchange-offer-08-01-2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1/11</TD></TR></TABLE>

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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, bondholders of the 8.5% notes due March 2021 have been offered a $157 cash payment option.
Bondholders of the 8.75% notes due 2024 have been offered the new 8.5% notes due 2029. The March 2025 bondholders have been offered the new 8.5% notes due 2029 bonds. Bondholders of the 8.5% notes due July 2025 have been offered both the new 8.5%
notes due 2029 and 7.0% notes due 2033. Finally, bondholders of the 6.95% notes due 2027,8.5% notes due 2029, and 7.0% notes due 2047 bond holders have been offered the new 7.0% notes due 2033 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the late exchange consideration, which expires on Feb. 4, 2021, bondholders of the 8.5% notes due 2021 will be offered the 8.5% export backed notes due
2026, without a cash payment. Bondholders of the 2024 and March 2025 notes have been offered only the 8.5% notes due 2029. Bondholders of the 2025 notes have been offered both the new 8.5% notes due 2029 and the new 7.0% notes due 2033. Finally, the
bondholders of the 6.95% notes due 2027, 8.5% notes due 2029 and 7.0% notes due 2047 are offered the new 7.0% notes due 2033. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch understands that all
three post-exchange bonds will have a <FONT STYLE="white-space:nowrap">two-year</FONT> grace period on interest; after which, interest will be paid quarterly and the notes will begin amortizing in four equal instalments four years from their
respective maturities. The consent solicitation also proposes stripping <FONT STYLE="white-space:nowrap">non-participating</FONT> noteholders of their existing covenants (i.e. restrictive covenants and certain events of default) of all the notes
indentures. The proposed amendments require the affirmative vote of a majority holders of at least 60% of the outstanding aggregate principal amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
the absence of an affirmative majority vote, a second notice will define the eligible bondholders that represent a majority of at least 30% as quorum. Fitch views this proposed exchange offer as coercive, and is a material reduction in the terms
that dilutes the bonds holders&#146; original rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>KEY RATING DRIVERS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange Offer Qualifies as DDE: The exchange offer, if agreed upon, will consist of a DDE under Fitch&#146;s criteria, as existing bondholders face a material
reduction in terms and conditions. Fitch views this exchange as being exacerbated by the Argentine central bank&#146;s denial of YPF&#146;s request to access the local FX market to repay the outstanding principal of its 2021 international notes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The announced exchange offering is further incentivized by YPF&#146;s investment needs required by the new plan gas 4. Fitch&#146;s forecasted FFO levels
for YPF are not sufficient to service debt and simultaneously invest the appropriate capex levels required by plan gas 4. Accordingly, the company is looking to allocate the average annual interest expense payments of around $900&nbsp;million to
capex by requesting the two year interest payment grace period as part of the exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-ypf-sa-to-c-on-proposed-exchange-offer-08-01-2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Links to Sovereign: YPF has a close linkage to the Republic of Argentina from the company&#146;s ownership
structure as well as recent government interventions. Argentina controls the company through its 51% stake, the presence of provincial government officials on the board of directors and various regulations. In addition, the republic sometimes
governs the company&#146;s strategy and business decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Argentine government has a history of significant interference in the oil and gas sector.
For example, via Decree No.&nbsp;1277, the government set regulations related to investment levels in the oil and gas sector and domestic price reference points. In 2019, it issued Decree 566/19, which negatively affected YPF&#146;s cash flows.
Although YPF is a leading energy company in Argentina, government policies continue to present challenges, inhibiting its business strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Volatile
Operating Environment: The volatile economic environment in Argentina has inhibited YPF from implementing its business strategy, i.e. unconventional development in Vaca Muerta. Pandemic quarantine orders have further stressed the company, as demand
for fuels has decreased. Gasoline volumes dropped by 70% and diesel by 34%, jet fuel 95%, with a total demand decrease of 50% in April 2020, compared with the previous year. Volumes appear to have recovered but remain below historical averages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch estimates Argentina&#146;s real GDP will contract by 11.2% in 2020, after negative average growth rate over the last three years. Inflation is expected
to average 47% between 2020 and 2022, and government debt/GDP ratio is estimated to be 102% in 2020 and 105% in 2021, with a majority of government debt being external <FONT STYLE="white-space:nowrap">75%-80%</FONT> over the same time frame. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF has an ESG Relevance Score of &#145;4&#146; for Governance Structure due to Argentina federal government&#146;s majority ownership in YPF, which has a
negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-ypf-sa-to-c-on-proposed-exchange-offer-08-01-2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3/11</TD></TR></TABLE>

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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DERIVATION SUMMARY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF&#146;s linkage to the sovereign is similar in nature to its Latin American national oil companies (NOCs) peers, namely PEMEX
<FONT STYLE="white-space:nowrap">(BB-/Stable),</FONT> Petrobras <FONT STYLE="white-space:nowrap">(BB-/Negative)</FONT> and Ecopetrol <FONT STYLE="white-space:nowrap">(BBB-/Negative),</FONT> and government-owned entities ENAP <FONT
STYLE="white-space:nowrap">(A-/Stable),</FONT> and Petroperu (BBB+/Negative). These companies all have strong linkage to their respective sovereigns given their strategic importance to each country and the potentially significant negative social and
financial implication a default could have at a national level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF&#146;s upstream business closest peers are Pemex, Petrobras and Ecopetrol. YPF&#146;s
total production averaged 514,000boed, and the reserve life was 5.7 years, most comparable with Ecopetrol with a 2019 production of 725,000boed and a reserve life of 7.8 years, but less than Petrobras&#146; production of 2.6&nbsp;million boed and a
reserve life of 10 years and Pemex&#146;s production at 2.8&nbsp;million boed and a reserve life of 9.5 years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unlike its peers ENAP, Petrobras, Pemex
and Petroperu, YPF is not the sole provider of refined fuels in Argentina. In 2019, the company had nearly a 60% market share. YPF is an integrated energy company, similar to Petrobras and Pemex, offering the company more financial flexibility,
while ENAP is predominately a refining company that sells to marketers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, YPF has operated autonomously with periodic controls of fuel prices
and crude, which are currently in effect. Similar to Pemex and Petrobras, YPF has administered an import-parity pricing policy, but is evidence of government intervention with Decree 466/19 and other price controls in 2018 to tame inflation, which
is projected to be 50% in 2020. Until recently, YPF has had success in tightening the spread between import parity and local prices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When compared with
downstream-focused entities ENAP and Petroperu, YPF has a lower total debt/EBITDA ratio of 2.4x in 2019 compared with ENAP at 6.7x and Petroperu at 18.0x. Petroperu&#146;s elevated leverage is explained by its investment plan to increase capacity by
2021, while ENAP has maintained a higher leverage profile for an extended period of time, but the company is highly strategic for the Chilean governments, and thus it rating is aligned as a result. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>KEY ASSUMPTIONS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Average gross production of 515,000boe
from 2020-2023; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-YPF will be able to increase domestic prices in pesos somewhat but not enough to fully reflect the impact from the recent peso
depreciation and international hydrocarbon price increase; </P>
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<TD VALIGN="top">1/11/2021</TD>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Criollo barrel of USD45/bbl in place for 2020 and applied Fitch&#146;s price deck thereafter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Natural gas prices decrease to USD2.70/MMBTU in 2020, USD3.00/MMBTU in 2021, USD3.25/MMBTU in 2022 and USD3.57/MMBTU in 2023; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Capex cut to be FCF positive over the rated horizon due to refinancing risk; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Downstream sales volume follow Real GDP forecasts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-USD111&nbsp;million of net proceeds associated with the sale of 11% stake in Bandurria Sur to Equinor and Shell; and a 50% stake in offshore area CAN_100 to
Equinor in 2Q20; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Fitch ARS/USD forecasts for year average and end of period during 2020-2022; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Refinancing of all maturing debt during the rated horizon at a rate of 10%. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RATING SENSITIVITIES </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Factors that could, individually or
collectively, lead to positive rating action/upgrade: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-The IDR would be simultaneously upgraded to a rating level reflecting the <FONT
STYLE="white-space:nowrap">post-DDE</FONT> credit profile, which will be capped at &#145;CCC&#146; in line with the Country Ceiling of Argentina. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Factors
that could, individually or collectively, lead to negative rating action/downgrade: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">-Completion of the proposed exchange offer would lead to a downgrade
of the Long-term IDRs to &#145;RD&#146; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BEST/WORST CASE RATING SCENARIO </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">International scale credit ratings of <FONT STYLE="white-space:nowrap">Non-Financial</FONT> Corporate issuers have a best-case rating upgrade scenario (defined
as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a
negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from &#145;AAA&#146; to &#145;D&#146;. Best- and worst-case scenario credit ratings are based on
historical performance. For more information about the methodology used to determine sector specific best- and worst-case scenario credit ratings, visit <U>https://www.fitchratings.com/site/re/10111579</U>. </P>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LIQUIDITY AND DEBT STRUCTURE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adequate Liquidity: YPF reported USD1.3&nbsp;billion in cash and cash equivalents in 3Q20. Per Fitch&#146;s estimates, this covers roughly one year of interest
expense. The company&#146;s debt maturity profile did improve after the completion of its exchange offer for its USD1.0&nbsp;billion international note due 2021, where the company received nearly a 60% acceptance of the offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, the central bank of Argentina (BCRA) denial to permit YPF to access the official FX market to settle its outstanding principal of $413&nbsp;million
has exacerbated the company to launch its liability management exercise for all its outstanding international bonds. If the exchange is successful in extending maturities and delay interest payments, Fitch estimates the cash flow profile will
improve, but liquidity will remain neutral as YPF will allocate cash to capex to invest in unconventional development. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REFERENCES FOR SUBSTANTIALLY
MATERIAL SOURCE CITED AS KEY DRIVER OF RATING </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal sources of information used in the analysis are described in the Applicable Criteria. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ESG CONSIDERATIONS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF has an ESG Relevance Score of
&#145;4&#146; for Governance Structure due to Argentina federal government&#146;s majority ownership in YPF, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of &#145;3&#146;. This means ESG issues are credit-neutral or
have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch&#146;s ESG Relevance Scores, visit <U>www.fitchratings.com/esg</U> </P>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RATING ACTIONS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>ENTITY/DEBT</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>RATING</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>RECOVERY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>PRIOR</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">YPF S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">LT IDR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Downgrade</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ccc</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">LC LT IDR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Downgrade</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ccc</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;senior unsecured</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">LT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Downgrade</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">RR4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ccc</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIEW ADDITIONAL RATING DETAILS</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FITCH RATINGS ANALYSTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saverio Minervini </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Primary Rating Analyst </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 212 908 0364 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch Ratings, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hearst Tower 300 W. 57th Street New York, NY 10019 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jose
Ramon Rio </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Associate Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Secondary Rating Analyst
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+56 2 2499 3316 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jay Djemal </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Committee Chairperson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 312 368 3134 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEDIA CONTACTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Elizabeth Fogerty </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 212 908 0526 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">elizabeth.fogerty@thefitchgroup.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information is available on www.fitchratings.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPLICABLE</B><B> </B><B>CRITERIA</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Distressed Debt Exchange Rating Criteria (pub. 06 Aug 2019) </P>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">Fitch Downgrades YPF S.A. to &#145;C&#146; on Proposed Exchange Offer</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corporate Finance: Leveraged Finance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latin America&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
