SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August 2023

Commission File Number: 001-12102

 

 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

 

 

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

 

 

 



 

    

LOGO

  

 

   City of Buenos Aires, July 31, 2023

To the

COMISIÓN NACIONAL DE VALORES (“CNV”)

25 de mayo 175

City of Buenos Aires

MERCADO ABIERTO ELECTRÓNICO S.A. (“MAE”)

Maipú 1210

City of Buenos Aires

BOLSAS Y MERCADOS ARGENTINOS S.A. (“ByMA”)

Sarmiento 299

C1041AAE City of Buenos Aires

 

 

Re.: Issuer rating for local currency, foreign currency and foreign currency senior secured debt

Dear Sirs,

The purpose of this letter is to comply with the requirements of the Rules of the Argentine Securities and Exchange Commission and the corresponding ByMA and MAE Regulations.

In this regard, we hereby inform that on July 28, 2023, Moody’s Local Argentina upgraded YPF S.A.’s (“YPF”) issuer rating for long-term foreign currency and foreign currency senior secured debt to AA+.ar from AA-.ar and AA.ar, respectively, and affirmed YPF’s long-term local currency rating at AA+.ar. The outlook on the ratings is stable.

The report states that “The company’s ratings reflect its adequate debt and liquidity levels, high growth potential in hydrocarbon production from areas with unconventional resources and strong competitive position as the leading integrated company in the Argentine energy sector

A free translation from Spanish to English of the report is attached hereto.

Yours faithfully,

 

 

Pedro Kearney

Market Relations Officer

YPF S.A


 

 

LOGO

 

 

APPRAISAL REPORT

July 28, 2023

 

Summary Review Report

CURRENT RATINGS (*)

 

Issuer rating in

local currency

(ML)

  

AA+

.ar/EST

  

Issuer rating in

foreign currency

(ME)

   AA-.ar/EST
  
Senior secured debt rating in EM    AA.ar/EST

PREVIOUS RATINGS (*)

 

Issuer rating in local currency (ML)

 

  

AA+

.ar/EST

  
Foreign currency issuer rating (EM)    AA-.ar/EST
  

Senior secured debt rating in EM

 

   AA.ar/EST

(*) Risk Ratings assigned by Moody’s Local AR Agente de Calificación de Riesgo S.A., Registry No. 3 of the Comisión Nacional de Valores.

For further details on the ratings assigned, see the Supplementary Information section at the end of this report.

 

 

CONTACTS

 

José Antonio Molino    +54.11.5129.2613
AVP-Manager   

Jose.Molino@moodys.com

  
Nazarena Ciucci    +54.11.5129.2673
Associate Lead Analyst   

Nazarena.Ciucci@moodys.com

  

    

 

  

CUSTOMER SERVICE

 

Argentina / Uruguay    +54.11.5129.2600

YPF S.A.

Main Indicators

 

           
      Mar-2023
(Last 12
months)
    

1Q

2023 (Mar-
2023)(6)

    

 

2022

    

 

2021

    

 

2020

 

 

Indicators

                                            

 

EBITDA(1) / Net Sales

     26.6%        24.9%        27.3%        27.5%        19.1%  

 

EBIT(2) / Net sales

     11.2%        6.7%        12.5%        5.3%        -9.8%  

 

Debt(3) / EBITDA(1)

     2.1x        2.0x        2.0x        2.3x        5.7x  

 

CFO(4) / Debt(3)

 

     1.8x        1.7x        1.7x        1.9x        5.0x  

 

EBITDA(1) / Financial expenses(5)

     48.1%        64.3%        48.9%        42.0%        20.4%  

 

EBIT(2) / Financial expenses(5)

     6.7x        5.6x        7.1x        5.0x        1.9x  

 

Current assets / Current liabilities

     2.8x        1.5x        3.2x        1.0x        -1.0x  

 

Millions of ARS

                                            

 

Net sales

     2,945,340        820,325        2,526,466        1,315,633        669,186  

 

Debt(3)

     1,532,678        1,532,678        1,255,004        757,215        678,306  

 

CFO(4)

     793,388        265,180        662,318        341,477        147,839  

Net worth

     2,278,274        2,278,274        1,868,304        848,118        683,395  

(1) EBITDA is earnings before interest, taxes, depreciation and amortization; (2) EBIT is earnings before interest and taxes; (3)Adjusted debt is considered; (4) CFO is operating cash flow; (5) Contemplates interest expenses, total financial expenses are used when the company does not report the detail; (6) Annualized indicators.

YPF S.A. (“YPF”) is the largest vertically integrated energy company in Argentina. Its operations are focused on the exploration and exploitation of liquid and/or gaseous hydrocarbons and other minerals, as well as the industrialization, transportation and commercialization of these products and their derivatives. YPF is the largest producer of oil and gas in Argentina and has a strong competitive position in downstream with more than 1,600 service stations, equivalent to 35.1% of the total, and more than half of the country’s refining capacity, with approximately 328,100 barrels per day.

 

LOGO

Source: Moody’s Local Argentina based on financial statements of YPF S.A.

 


 

 MOODY’S LOCAL | ARGENTINA

 

  

 

NON-FINANCIAL COMPANIES 

 

 

 

Summary

Moody’s Local AR (“Moody’s Local Argentina”) affirms YPF S.A.’s (“YPF”) long-term local currency rating at AA+.ar. It also upgrades the long-term foreign currency and foreign currency senior secured debt ratings to AA+.ar from AA-.ar and AA.ar, respectively. The outlook on the ratings is stable.

The company’s ratings reflect its adequate debt and liquidity levels, high growth potential in hydrocarbon production from areas with unconventional resources and strong competitive position as the leading integrated company in the Argentine energy sector. The rating also reflects exposure to weak macroeconomic conditions in Argentina, high CAPEX needs for the development of its assets, and exposure to energy commodity price volatility.

The reduction in leverage metrics and the improvement in liquidity observed from 2020 to the first quarter of 2023 will allow YPF to finance a higher level of investments in unconventional oil fields, allowing it to increase production and allocate a considerable portion of its products to foreign markets in the coming years. In this scenario, we expect YPF to maintain its 2023-2024 average debt levels below 2.0x Debt/EBITDA, with interest to EBITDA coverage above 5.0x, and profitability margins around 30%. In the first quarter of 2023, the company generated EBITDA (Moody’s adjusted) of around USD 1,062 million and maintained a leverage ratio of 1.2x Net Debt to EBITDA (measured in dollars) with a production level of 511 kbbl/d.

YPF’s ratings reflect the company’s exposure to Argentina’s energy sector policies, as well as its position as Argentina’s most important industrial corporate and vertically integrated energy company, with significant oil and gas reserves, including large unconventional reserves. The ratings also incorporate its strong competitive position in the local market with more than 1,600 service stations, equivalent to 35.1% of the total, and more than half of the country’s refining capacity. The development of transportation infrastructure of the OTASA, Vaca Muerta Norte and Oldelval pipelines, led mainly by YPF, will allow the company, and the rest of the players in the sector, to considerably increase the level of hydrocarbon production in the country.

The foreign currency (FC) ratings assigned by Moody’s Local Argentina contemplate incremental convertibility and transferability risk reflected in potential regulatory restrictions on access to foreign currency acquisition for debt repayment. However, we believe that in the case of YPF these risks are partially mitigated by the company’s demonstrated access to foreign currency financing both in Argentina and abroad, the generation of cash flow from exports and the holding of physical assets with valuation and saleability in foreign currency, among other considerations.

Credit strengths

 

  »  

Argentina’s largest oil and gas producer

 

 

  »  

Strong competitive position: YPF owns more than 1,600 service stations more than half of the country’s refining capacity with approximately 328,100 barrels per day.

 

 

  »  

Attractive growth potential of its resources through investment in Vaca Muerta.

 

Credit weaknesses

 

  »  

High exposure to weak macroeconomic conditions in Argentina and uncertain regulatory environment

 

 

  »  

High investment needs in a capital-intensive industry.

 

 

  »  

Exposure to energy commodity price volatility.

 

 

July 28, 2023

   Appraisal report: YPF S.A.
  

 

2


 

MOODY’S LOCAL | ARGENTINA

 

  

 

NON-FINANCIAL COMPANIES

 

 

 

Accounting information and operational and financial indicators*.

 

           
      Mar-2023
(Last 12 months)
    

1Q

2023 (Mar-

2023)

     2022      2021      2020  
  INDICATORS***                                             
  EBITDA / Net sales      26.6%        24.9%        27.3%        27.5%        19.1%  
  EBIT / Net sales      11.2%        6.7%        12.5%        5.3%        -9.8%  
  Adjusted debt / EBITDA      2.1x        2.0x        2.0x        2.3x        5.7x  
  Adjusted net debt / EBITDA      1.8x        1.7x        1.7x        1.9x        5.0x  
  CFO / Debt      48.1%        64.3%        48.9%        42.0%        20.4%  
  EBITDA / Financial expenses      6.7x        5.6x        7.1x        5.0x        1.9x  
  EBIT / Financial expenses      2.8x        1.5x        3.2x        1.0x        -1.0x  
  Current liquidity (Current assets / Current liabilities) current)      102.5%        102.5%        107.5%        119.2%        88.4%  
  Cash and cash equivalents / Short-term debt      117.0%        117.0%        95.8%        131.2%        55.4%  
  In millions of ARS                                             
  INCOME STATEMENT                                             
  Net sales      2,945,340        820,325        2,526,466        1,315,633        669,186  
  Gross result      720,255        173,809        644,755        287,453        42,974  
  EBITDA      783,313        204,530        688,614        361,147        127,505  
  EBIT      330,550        54,956        316,043        69,428        (65,248)  
  Financial interest      (117,296)        (36,654)        (97,661)        (71,870)        (65,821)  
  Net income      322,447        58,600        290,264        (808)        (71,017)  
  CASH FLOW                                             
  Flow generated by operations      744,881        244,120        649,171        358,738        120,473  
  CFO      793,388        265,180        662,318        341,477        147,839  
  Dividends      -        -        -        -        -  
  CAPEX      (695,657)        (247,158)        (532,128)        (234,801)        (114,616)  
  Free cash flow      97,731        18,022        130,190        106,676        33,223  
  STATEMENT OF NET WORTH ** STATEMENT OF ASSETS
  AND LIABILITIES
                                            
  Cash and cash equivalents      270,783        270,783        193,363        113,690        83,552  
  Current assets      1,072,053        1,072,053        910,709        466,243        327,569  
  Property, plant and equipment      3,767,050        3,767,050        3,100,306        1,642,259        1,379,527  
  Intangibles      79,182        79,182        68,052        43,014        39,119  
  Total assets      5,490,081        5,490,081        4,588,159        2,390,068        1,923,225  
  Short-term debt      231,479        231,479        201,808        86,680        150,731  
  Long-term debt      1,301,199        1,301,199        1,053,196        670,535        527,575  
  Total debt      1,532,678        1,532,678        1,255,004        757,215        678,306  
  Adjusted total debt      1,650,754        1,650,754        1,355,289        812,837        724,576  
  Total liabilities      3,211,807        3,211,807        2,719,855        1,541,950        1,239,830  
  Net worth      2,278,274        2,278,274        1,868,304        848,118        683,395  

* The company has adopted the U.S. dollar as its functional currency.

** Debt contains adjustments for operating leases.

*** Annualized indicators for 1Q 2023

     Note:

The values presented contain adjustments made by Moody’s Local Argentina and may differ from those reported by the company in its financial statements.

 

July 28, 2023

   Appraisal report: YPF S.A.
  

 

3


 

MOODY’S LOCAL | ARGENTINA

 

  

 

NON-FINANCIAL COMPANIES

 

 

 

Annex I: Technical Glossary

CAPEX: Investment in capital goods.

Downstream: Sector of the oil industry that includes the refining of crude oil and natural gas, as well as the marketing and distribution of petroleum products.

Jet fuel: Aircraft fuel

Kbbl/d: Thousands of barrels of oil per day.

Mboe: Thousands of barrels of oil equivalent.

MMboe: Millions of barrels of oil equivalent.

Upstream: Sector of the oil industry that includes the exploration and production of hydrocarbons.

Annex II: Outstanding Negotiable Obligations rated by Moody’s Local Argentina

 

  Negotiable Obligations

   Currency   

Date of

issue

  

Date of

maturity

  

Amortization of

capital

   Coupon   

Payment of

interests    

  ON Class XVI

   USD    12-Feb-2021    12-Feb-2026   

13 quarterly

installments

    (1° on Feb. 2023)    

       4.0-9.0% (step up)        Quarterly

  ON Class XVII

   USD    12-Feb-2021    30-Jun-2029   

7 semi-annual

installments

(1° in Jun. 2026)

   2.5-9.0% (step up)    Semiannual

  ON Class XVIII

   USD    12-Feb-2021    30-Sep-2033   

4 annual installments

(1° in Sep. 2030)

   1.5-7.0% (step up)    Semiannual

  ON Additional Class XIV

   USD linked    26-Feb-2021*.    04-Dec-2023    At maturity    2.0%    Quarterly

  ON Class XIX

   UVA    26-Feb-2021    26-Aug-2024    At maturity    3.5%    Quarterly

  ON Class XX

   USD linked    22-Jul-2021    22-Jul-2032   

14 semi-annual

installments

(1° Jan. 2026)

   5.75%    Semiannual

  ON Additional Class XXII

   ARS    25-Apr-2023**    10-Jul-2024    At maturity   

Badlar + 3.0%

Badlar + 3.0%

   Quarterly

  ON Class XXIII

   USD linked    25-Apr-2023    25-Apr-2025    At maturity    0.0%    Quarterly

  ON Class XXIV

   USD linked    25-Apr-2023    25-Apr-2027    At maturity    1.0%    Quarterly

* Originally issued on December 4, 2020. **Originally issued on January 10, 2023. Source: Moody’s Local based on YPF and CNV.

 

July 28, 2023

   Appraisal report: YPF S.A.
  

 

4


 

 MOODY’S LOCAL | ARGENTINA

 

  

 

NON-FINANCIAL COMPANIES

 

 

 

Additional information

Detail of assigned grades

 

     
Type / Instrument   

Rating    

current    

  

Rating    

previous    

     

Long-term local currency issuer ratings

   AA+.ar/Stable    AA+.ar/Stable
     

Additional Class XIV Notes for up to the equivalent of USD 100 million

   AA+.ar/Stable    AA+.ar/Stable
     

Class XIX Negotiable Obligations for up to the equivalent of US$ 100 million

   AA+.ar/Stable    AA+.ar/Stable
     

Class XX Negotiable Obligations for up to the equivalent of USD 400 million

   AA+.ar/Stable    AA+.ar/Stable
     

Class XXIII Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2025(*)

   AA+.ar/Stable    AA+.ar/Stable
     

Class XXIV Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2027(*)

   AA+.ar/Stable    AA+.ar/Stable
     

Additional Class XXII notes for up to the equivalent of USD 200 million maturing in 2024(*)

   AA+.ar/Stable    AA+.ar/Stable
     

Long-term foreign currency issuer rating

   AA+.ar/Stable    AA-.ar/Stable
     

Class XVII Negotiable Obligations maturing in 2029

   AA+.ar/Stable    AA-.ar/Stable
     

Class XVIII Negotiable Obligations maturing in 2033

   AA+.ar/Stable    AA-.ar/Stable
     

Long-term foreign currency senior secured debt ratings

   AA+.ar/Stable    AA.ar/Stable
     

Class XVI Negotiable Obligations due 2026

   AA+.ar/Stable    AA.ar/Stable

(*) Issued jointly for up to the equivalent of USD 150 million, expandable up to USD 200 million;

Information considered for appraisal

 

  »  

Annual Report and Audited Financial Statements for the fiscal year ended 12/31/2022 and prior years, available at www.argentina.gob.ar/cnv.

 

  »  

Interim Quarterly Financial Statements, available at www.argentina.gob.ar/cnv.

 

  »  

Prospectus of the Negotiable Obligations Program available at www.argentina.gob.ar/cnv.

 

  »  

Information published by the Secretariat of Energy, available at www.argentina.gob.ar/economia/energia.

 

  »  

The following factors of the methodology: Analysis of standard rating factors (Industry Stability, Scale, Business Profile, Profitability and Efficiency, Leverage and Coverage and Financial Policy) and Other Considerations are unchanged from the last full report.

 

  »  

The latest full report was published on 04/18/2023 and is available to the investing public at https://www.moodyslocal.com/country/ar.

Definition of assigned ratings

 

  »  

AA.ar: Issuers or issues rated AA.ar with very strong credit quality compared to other local issuers.

 

  »  

Moody’s Local Argentina adds “+” and “-” modifiers to each generic rating category ranging from AA to CCC.

The “+” modifier indicates that the obligation is at the high end of its generic rating category, no modifier indicates a medium rating, and the “-” modifier indicates a rating at the low end of the generic rating category.

Methodology used

 

  »  

Methodology for rating non-financial companies, available at www.argentina.gob.ar/cnv.

 

 

This report should not be considered as an advertisement, publicity, dissemination or recommendation to acquire, sell or trade the instruments being rated.

 

July 28, 2023

   Appraisal report: YPF S.A.
  

 

5


 

MOODY’S LOCAL | ARGENTINA

 

  

 

NON-FINANCIAL COMPANIES

 

 

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Moody’s Investors Service, Inc, a wholly owned subsidiary of Moody’s Corporation (“MCO”), hereby reports that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and notes) and preferred stock rated by Moody’s Investors Service, Inc. have agreed, prior to the assignment of any rating, to pay Moody’s Investors Service, Inc. for its opinion and rating services for a fee ranging from ($1,000 to approximately

5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of the ratings and credit rating assignment processes of Moody’s Investors Service, Inc. Information regarding certain relationships that may exist between directors of MCO and rated entities, and between entities that have been assigned credit ratings by Moody’s Investors Service and have also publicly notified the SEC that they have a greater than 5% ownership interest in MCO, is published annually at www.moodys.com under “Investor Relations - Corporate Governance - Charter Documents - Director and Shareholder Affiliation Policy”.

- Corporate Governance - Constitutive Documents - Policy on Relations between Directors and Shareholders” ].

Applicable to Australia only: Publication in Australia of this document is pursuant to the Australian Financial Services License of MOODY’s subsidiary, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended solely for “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By accessing this document from anywhere within Australia, you represent to MOODY’S that you are a “wholesale customer” or are accessing this document as a representative of a “wholesale customer” and that neither you nor the entity you represent will disclose, directly or indirectly, this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit ratings are opinions on the credit quality of an issuer’s credit commitment and not on the issuer’s equity securities or any other form of instrument available to retail customers.

Applicable to Japan only: Moody’s Japan K.K. (“MJKK”) is a credit rating agency, a subsidiary of Moody’s Group Japan G.K., wholly owned by Moody’s Overseas Holdings Inc. and a wholly owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are non-NRSROs. The credit ratings are assigned by an entity that is not an NRSRO and, consequently, the rated obligation will not be eligible for certain types of treatment under U.S. law. MJKK and MSFJ are credit rating agencies registered with the Financial Services Agency of Japan and their registration numbers are FSA Commissioner (Ratings) Nos. 2 and 3, respectively.

MJKK or MSFJ (as applicable) hereby gives notice that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and securities) and preferred stock rated by MJKK or MSFJ (as applicable) have agreed, prior to the assignment of any credit ratings, to pay MJKK or MSFJ (as applicable) for its credit rating and opinion services for fees ranging from approximately JPY100.000 to approximately JPY550,000,000.

In addition, MJKK and MSFJ have policies and procedures in place to ensure compliance with Japanese regulatory requirements.

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July 28, 2023

   Appraisal report: YPF S.A.
  

 

6


SIGNATURE

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.

 

   YPF Sociedad Anónima

Date: August 1, 2023

   By:  

/s/ Pedro Kearney

   Name:   Pedro Kearney
   Title:   Market Relations Officer

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