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YPF Upgraded to B- by Fitch
May 28, 2026
Argentinian state-owned energy giant YPF S.A. was upgraded to B- from CCC+ by Fitch. The rating action directly follows Argentina’s sovereign upgrade by Fitch to B- earlier in May. The Argentine government’s 51% controlling stake in YPF and the absence of legal ring-fencing to isolate company cash flows from sovereign interference helps align its rating criteria with the sovereign. Operationally, the upgrade is also supported by YPF’s fundamentals. Its average production is projected to reach 640,000 boepd up from 550,000 boepd. YPF’s efficiency improvements cut its lifting costs by 44% in 2025. Consequently, Fitch projects YPF’s total debt-to-EBITDA to drop to 1.7x in 2026, from 2.5x in 2025, although Argentina’s broader macroeconomic challenges continue to limit its standalone financial flexibility.
YPF’s dollar bonds were trading stable with its 8.5% 2029s trading at 103.3, yielding 7.2%.
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