YPF swap not distressed but Argentina battles on
![YPF, Argentina, LatAm, 575, oil, gas](https://assets.euromoneydigital.com/dims4/default/e8c8e37/2147483647/strip/true/crop/575x383+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb0%2F0d%2F14401b0d9a10dd92aa7501bc94bf%2Fadobe-ypf-575x375.jpeg)
As tensions between Argentina and its largest bondholders climbed this week, the government’s prize asset, oil firm YPF, differentiated itself with a debt exchange that, according to rating agencies, does not punish creditors — unlike the sovereign’s proposals.
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