YPF S.A. http://www.alacrastore.com/company-snapshot/YPF_S_A-1022406 28 Nov 2009 05:24:47 EST 1022406 YPF S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/research/moodys-global-credit-research-Moody_s_assigns_Ba1_and_Aaa_ar_ratings_to_YPF_s_bank_line-PR_190815_820815306PR_190815_820815306moodys/PR_190815_820815306html24 Nov 2009 07:33:54 ESThtmlPetersen Energia, S.A.Repsol YPF S.A.YPF Sociedad AnonimaPetersen Energia, S.A.; Repsol YPF S.A.; YPF Sociedad Anonima82081530612900600012370820815306150.000023 Nov 2009NewsRating ActionCGlobal Credit Research Rating Action ## NOV #### Rating Action: Petersen Energia, S.A. Moody's assigns Ba# and Aaa.ar ratings to YPF's bank line Approximately ARS ### million (USD ## million) of debt affected New York, November ##,...12900149714981947023700053480053485060001237060003820182081530694200ARGENTINASPAININDUSTRIAL12900820815306Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/research/moodys-global-credit-research-Moody_s_asigna_calificaciones_de_Ba1_y_Aaa_ar_a_la_linea_de_credito_bancaria_de_YPF-PR_190816_820815306PR_190816_820815306moodys/PR_190816_820815306html24 Nov 2009 07:33:54 ESThtmlPetersen Energia, S.A.Repsol YPF S.A.YPF Sociedad AnonimaPetersen Energia, S.A.; Repsol YPF S.A.; YPF Sociedad Anonima82081530612900600012370820815306150.000023 Nov 2009NewsRating ActionCGlobal Credit Research Rating Action ## NOV #### Rating Action: Petersen Energia, S.A. Moody's asigna calificaciones de Ba# y Aaa.ar a la lnea de crdito bancaria de YPF Aproximadamente $### millones de pesos argentinos ($## millones...12900149714981947023700053480053485060001237060003820182081530694200ARGENTINASPAININDUSTRIAL12900820815306Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/509617_pr_frame509617_pr_framefitch/509617_pr_framehtmlRepsol YPF S.A.YPF S.A.Repsol International FinanceRepsol International Capital Limited8050369480089621883142658036060418 Sep 2009 10:19:00 EST0103100085Press ReleaseREPFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/465308_report_frame465308_report_framefitch/465308_report_framepdfYPF S.A.8008962109 Sep 2009 06:32:00 EST01031000165Credit UpdateFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/507296_pr_frame507296_pr_framefitch/507296_pr_framehtmlYPF S.A.8008962108 Sep 2009 06:31:00 EST0103100085Press ReleaseFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/464988_report_frame464988_report_framefitch/464988_report_framepdfYPF S.A.8008962108 Sep 2009 02:15:00 EST01031000425Full Rating ReportFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/461358_report_frame461358_report_framefitch/461358_report_framepdfYPF S.A.8008962105 Aug 2009 02:15:00 EST01031000425Full Rating ReportFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/502845_pr_frame502845_pr_framefitch/502845_pr_framehtmlYPF S.A.8008962103 Aug 2009 06:32:53 EST0103100085Press ReleaseFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/448822448822bir/448822norm9Repsol YPF S.A.YPF S.A.Spain01 Aug 2009 06:12:00 ESTManufacturing: Oil and gas exploration, production, refining and distributionNYSE324110M2911I211111211112447110131113215541REPManufacturing: Oil and gas exploration, production, refining and distributionCompany Profiles & FinancialsGale Company ProfilesARGENTINA - Grupo Petersen (GP) was granted an option to raise its stake to ##.##% from ##.##% by acquiring a further ##% stake, or ##.### mil ordinary shares, in YPF SA, a Buenos Aires-based oil and gas exploration and production company, and a unit of Repsol YPF SA, in a privately negotiated transaction. Concurrently, GP raised its stake to ##.##% from #.##% by acquiring a ##. #% stake, or ##.### mil ordinary shares, in YPF, for ARS #.### mil (USD #.### mil) in cash, in a privately negotiated transaction.25 Jun 2009 07:03:18 EST39919H98424539919H76026TGrupo PetersenYPF SAGrupo PetersenRepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Grupo_Petersen_intends_to_acquire_a_minority_stake_in_YPF_SA_from_Repsol_YPF_SA-2084941040sdc/20849410402084941040Copyright © 2009, Thomson Financial, All Rights ReservedHolding Companies, Except BanksArgentinaOffices of holding companies, nec6719FFForeignPrivate6719:Offices of holding companies, nec6799:Investors, nec6719:Offices of holding companies, nec6799:Investors, necNew YorkOil and Gas; Petroleum RefiningArgentinaCrude petroleum and natural gas1311FFForeignPublicYPF1083226002Invest hldg coOil,gas expl,prodn coUnspecifiedAssets155325004Jun 25 20090.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000Grupo Petersen, based inBuenos Aires, Argentina, is aninvestment holding companyengaged in engineering,construction, banking, urbanplanning, agriculture, andother sectors. The company wasfounded as Petersen, Thiele &Cruz Arquitectos e Ingenierosin 1920 and restructured in2007.Grupo Petersen, based in Buenos Aires, Argentina, is aninvestment holding company engaged in engineering,construction, banking, urban planning, agriculture, andother sectors. The company was founded as Petersen, Thiele &Cruz Arquitectos e Ingenieros in 1920 and restructured in2007.Grupo Petersen, based in Buenos Aires, Argentina, is an investment holding company engaged in engineering, construction, banking, urban planning, agriculture, and other sectors. The company was founded as Petersen, Thiele & Cruz Arquitectos e Ingenieros in 1920 and restructured in 2007.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000YPF SA, located in BuenosAires, Argentina, is an oiland gas exploration andproduction company whichprovides refining, marketing,transportation anddistribution of oil and a widerange of petroleum products,petroleum derivatives,petrochemicals and liquidpetroleum gas. The company wasfounded in 1999.YPF SA, located in Buenos Aires, Argentina, is an oil andgas exploration and production company which providesrefining, marketing, transportation and distribution of oiland a wide range of petroleum products, petroleumderivatives, petrochemicals and liquid petroleum gas. Thecompany was founded in 1999.YPF SA, located in Buenos Aires, Argentina, is an oil and gas exploration and production company which provides refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals and liquid petroleum gas. The company was founded in 1999.0.000000.000000.00000393.31000N23 Jun 09Tue, 23 Jun 2009 00:00:00 ESTDate Announced: 06/23/2009Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000010.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000032.8040035.8570031.837000.000000.000000.000000.000000.000000.000000.0000012373.873000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000ARGENTINA - Grupo Petersen(GP) was granted an option toraise its stake to 25.46%from 15.46% by acquiring afurther 10% stake, or 39.331mil ordinary shares, in YPFSA, a Buenos Aires-based oiland gas exploration andproduction company, and aunit of Repsol YPF SA, in aprivately negotiatedtransaction. Concurrently, GPraised its stake to 15.46%from 0.56% by acquiring a 14.9% stake, or 58.603 milordinary shares, in YPF, forARS 7.965 mil (USD 2.235 mil)in cash, in a privatelynegotiated transaction.ARGENTINA - Grupo Petersen (GP) was granted an option to raise its stake to 25.46% from 15.46% by acquiring a further 10% stake, or 39.331 mil ordinary shares, in YPF SA, a Buenos Aires-based oil and gas exploration and production company, and a unit of Repsol YPF SA, in a privately negotiated transaction. Concurrently, GP raised its stake to 15.46% from 0.56% by acquiring a 14. 9% stake, or 58.603 mil ordinary shares, in YPF, for ARS 7.965 mil (USD 2.235 mil) in cash, in a privately negotiated transaction.ARGENTINA - Grupo Petersen (GP) was granted an option to raise its stake to 25.46% from15.46% by acquiring a further 10% stake, or 39.331 mil ordinary shares, in YPF SA, aBuenos Aires-based oil and gas exploration and production company, and a unit of RepsolYPF SA, in a privately negotiated transaction. Concurrently, GP raised its stake to 15.46%from 0.56% by acquiring a 14. 9% stake, or 58.603 mil ordinary shares, in YPF, for ARS7.965 mil (USD 2.235 mil) in cash, in a privately negotiated transaction.ARGENTINA - Grupo Petersen (GP) was granted an option to raise its stake to 25.46% from 15.46% by acquiring a further 10% stake, or 39.331 mil ordinary shares, in YPF SA, a Buenos Aires-based oil andgas exploration and production company, and a unit of Repsol YPF SA, in a privately negotiated transaction. Concurrently, GP raised its stake to 15.46% from 0.56% by acquiring a 14. 9% stake, or58.603 mil ordinary shares, in YPF, for ARS 7.965 mil (USD 2.235 mil) in cash, in a privately negotiated transaction.ARGENTINA - Grupo Petersen (GP) was granted an option to raise its stake to 25.46% from 15.46% by acquiring a further 10% stake, or39.331 mil ordinary shares, in YPF SA, a Buenos Aires-based oil and gas exploration and production company, and a unit of Repsol YPF SA,in a privately negotiated transaction. Concurrently, GP raised its stake to 15.46% from 0.56% by acquiring a 14. 9% stake, or 58.603 milordinary shares, in YPF, for ARS 7.965 mil (USD 2.235 mil) in cash, in a privately negotiated transaction.Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas2911:Petroleum refining4612:Crude petroleum pipelines4613:Refined petroleum pipelines4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec1083226002Argentina6719ForeignPrivate1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2911:Petroleum refining4911:Electric services5172:Petroleum and petroleum products wholesalers, nec119628003MadridSpain2911ForeignPublicREP0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/436270_report_frame436270_report_framefitch/436270_report_framepdfYPF S.A.8008962105 May 2009 06:31:00 EST01031000165Credit UpdateFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/719686719686spcred/719686normglobalstructured04 May 2009 03:19:00 EST175Research UpdateThe latest Research Update from S&PArgentinaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceResearch UpdateARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGYPFD@ARRESUPDESP76026T10102010 101020 1010 10116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SMABSCORPEnergyLEVFINUTILSTRUCGLOBISSRepsol-YPF S.A.USALATAMERICAEUROMIDAFRCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/719685719685spcred/719685normglobalstructured04 May 2009 03:19:00 EST100NewsThe latest News from S&PArgentinaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceNewsARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARNEWSABSCORPEnergyGLOBISSLEVFINSTRUCUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/471111_pr_frame471111_pr_framefitch/471111_pr_framehtmlYPF S.A.8008962130 Apr 2009 02:19:00 EST0103100085Press ReleaseFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch ResearchARGENTINA - In February ####, Repsol YPF SA announced that it was seeking a buyer for its ##% stake in its YPF SA unit, an oil and gas exploration and production company.28 Feb 2009 07:46:40 EST81572I98424581572I76026TSeeking BuyerYPF SASeeking BuyerRepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Repsol_YPF_SA_seeking_buyer_for_minority_stake_in_YPF_SA-2053804040sdc/20538040402053804040Copyright © 2009, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necNew YorkOil and Gas; Petroleum RefiningArgentinaCrude petroleum and natural gas1311FFForeignPublicYPF12029001Seeking buyerOil,gas expl,prodn coNot ApplicableCommon Stock155325004Feb 28 20090.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000YPF SA, located in BuenosAires, Argentina, is an oiland gas exploration andproduction company whichprovides refining, marketing,transportation anddistribution of oil and a widerange of petroleum products,petroleum derivatives,petrochemicals and liquidpetroleum gas. The company wasfounded in 1999.YPF SA, located in Buenos Aires, Argentina, is an oil andgas exploration and production company which providesrefining, marketing, transportation and distribution of oiland a wide range of petroleum products, petroleumderivatives, petrochemicals and liquid petroleum gas. Thecompany was founded in 1999.YPF SA, located in Buenos Aires, Argentina, is an oil and gas exploration and production company which provides refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals and liquid petroleum gas. The company was founded in 1999.0.000000.000000.00000393.31000N26 Feb 09Thu, 26 Feb 2009 00:00:00 ESTDate Announced: 02/26/2009Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000025.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000ARGENTINA - In February 2009,Repsol YPF SA announced thatit was seeking a buyer forits 25% stake in its YPF SAunit, an oil and gasexploration and productioncompany.ARGENTINA - In February 2009, Repsol YPF SA announced that it was seeking a buyer for its 25% stake in its YPF SA unit, an oil and gas exploration and production company.ARGENTINA - In February 2009, Repsol YPF SA announced that it was seeking a buyer for its25% stake in its YPF SA unit, an oil and gas exploration and production company.ARGENTINA - In February 2009, Repsol YPF SA announced that it was seeking a buyer for its 25% stake in its YPF SA unit, an oil and gas exploration and production company.ARGENTINA - In February 2009, Repsol YPF SA announced that it was seeking a buyer for its 25% stake in its YPF SA unit, an oil and gasexploration and production company.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas2911:Petroleum refining4612:Crude petroleum pipelines4613:Refined petroleum pipelines4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec12029001Unknown6799UnknownPrivate1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2911:Petroleum refining4911:Electric services119628003MadridSpain2911ForeignPublicREP0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/703710spcred/703710norm703710The latest Full Report from S&Pstructured19 Feb 2009 06:54:01 EST400Full ReportArgentinaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsUtilitiesAsset-Backed SecuritiesEnergyFull ReportLeading market position in Argentina; Parent Repsol-YPF S.A.'s incentive to potentially support the company; and Competitive production costs. The uncertain economic and regulatory environment in Argentina; Aggressive dividend policy; Low reserve replacement; Lack of geographic diversification; and Capital-intensive business. The ratings on Argentina-based oil and gas company YPF S.A. reflect the challenges of operating in the highly uncertain and rapidly changing economic and regulatory environment in Argentina, a geographically concentrated reserve base, very weak reserve replacement ratios, and an aggressive and rigid dividend policy, set at 90% of net income, that results in very little free cash flow. These factors are partially offset by YPF's moderate debt, vertical integration of its operating units, dominant market position in Argentina, and potentialARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARFULLESP76026T10102010 101020 1010 10Repsol-YPF S.A.116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SMGLOBISSSTRUCCORPUTILLEVFINABSEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/703717spcred/703717norm703717The latest Summary from S&Pstructured19 Feb 2009 06:54:00 EST175SummaryArgentinaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsUtilitiesAsset-Backed SecuritiesEnergySummaryThe ratings on Argentina-based oil and gas company YPF S.A. reflect the challenges of operating in the highly uncertain and rapidly changing economic and regulatory environment in Argentina, a geographically concentrated reserve base, very weak reserve replacement ratios, and an aggressive and rigid dividend policy, set at 90% of net income, that results in very little free cash flow. These factors are partially offset by YPF's moderate debt, vertical integration of its operating units, dominant market position in Argentina, and potential support from parent Repsol-YPF S.A. (Repsol; BBB/Stable/A-2). A recent lowering of the local currency rating reflects our perception of weaker economic conditions for corporations operating in Argentina, which have deteriorated their overall credit quality and challenged their prospects. AmongARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARSUMMARYESP76026T10102010 101020 1010 10Repsol-YPF S.A.116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SMGLOBISSSTRUCCORPUTILLEVFINABSEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/310890spcred/310890norm310890The latest Summary from S&Pstructured18 Feb 2009 03:26:00 EST175SummaryArgentinaIntegrated Oil & GasEmerging MarketsLatin AmericaEurope, Middle East, AfricaUnited StatesCorporationsEnergyFinancial InstitutionsAsset-Backed SecuritiesStructured FinanceSovereignsInternational Public FinanceUtilitiesGlobal IssuersSummaryARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARSUMMARYARGESP04011404011M76026T10102010 101020 1010 10Argentina (Republic of)Repsol-YPF S.A.127096116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SM1310Z@AREnergyGLOBISSSTRUCFIGOVSSOVCORPUTILLEVFINABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/102814spcred/102814norm102814The latest News from S&Pstructured18 Feb 2009 03:25:00 EST100NewsArgentinaIntegrated Oil & GasEmerging MarketsLatin AmericaUnited StatesEurope, Middle East, AfricaGlobal IssuersInternational Public FinanceSovereignsEnergyAsset-Backed SecuritiesFinancial InstitutionsUtilitiesCorporationsStructured FinanceNewsARG98424510102010 101020 1010 10128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARNEWS04011404011M76026T10102010 101020 1010 10116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SM1310Z@ARGLOBISSSTRUCEnergyCORPUTILLEVFINFIGOVSSOVABS127096ARGRepsol-YPF S.A.Argentina (Republic of)ESPYPF S.A.Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/702540spcred/702540norm702540The latest Research Update from S&Pstructured13 Feb 2009 03:48:46 EST175Research UpdateArgentinaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsUtilitiesAsset-Backed SecuritiesEnergyResearch UpdateOn Feb. 12, 2009, Standard&Poor's Ratings Services lowered its long-term global scale corporate credit rating on Argentina's largest oil and gas company, YPF S.A., to 'B+' from 'BB'. The ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 5, 2008. The outlook is stable. The downgrade on the local currency rating reflects our perception of weaker economic conditions for corporations operating in Argentina. These conditions have deteriorated their overall credit quality and challenged their prospects. Among these, we see higher political and regulatory risks, the impact of the global economic slowdown on domestic activity, and contracted credit markets, which significantly narrow the ability of companies to refinance their obligations. In addition, the downgradeARG98424510102010 101020 1010 10YPF S.A.128145EMERGINGEUROMIDAFRLATAMERICAUSAYPFD@ARRESUPDESP76026T10102010 101020 1010 10Repsol-YPF S.A.116969ASIAEMERGINGEUROMIDAFRLATAMERICAREP@SMGLOBISSSTRUCCORPUTILLEVFINABSEnergyCredit & Investment ResearchS&P Credit Research