YPF swap not distressed but Argentina battles on

YPF, Argentina, LatAm, 575, oil, gas
By Oliver West
02 Jul 2020

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.

Argentina, and several of its provinces, are undergoing prolonged and heated battles with creditors as try to push through debt exchanges that impose important net present value losses.

But government-owned YPF, though its ratings are constrained by the sovereign’s predicament, is considered a solid company even in the ...

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