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4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  Repsol YPF    REP   ES0173516115

REPSOL YPF (REP)
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Moody's Cuts YPF Rating on Debt Concerns

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06/13/2012 | 01:15am CEST

--Moody's downgrades YPF, citing debt challenges

--YPF needs foreign currency to make debt payments

--It is unclear where YPF will get funds for big investment plan

Moody's Investors Service has downgraded YPF SA (YPF, YPFD.BA), Argentina's biggest oil and gas producer, one notch further into junk territory, highlighting the company's debt challenges.

Moody's said Tuesday that YPF is taking on debt and that it continues to face challenges meeting short-term debt obligations.

The ratings company lowered YPF's global local currency rating to Caa1, seven levels into junk territory. The outlook is stable.

Moody's said YPF's need for foreign currency to pay its debt raises the "risk of a debt restructuring that would result in losses to creditors and prompt a distressed exchange default."

Last month, Argentina's government expropriated a 51% stake in YPF from Spain's Repsol YPF SA (>> Repsol YPF SA) in a dispute over investment and declining production.

Moody's said YPF's exposure to change-of-control and nationalization clauses as a result of the ownership transfer is "an immediate concern."

The ratings firm also said a change-of-control or nationalization could be deemed an event of default under certain debt agreements and lead to acceleration rights. About $1.6 billion of YPF's debt obligations were subject to these clauses, as of May 16.

Moody's said YPF hasn't received default or acceleration notices on any of its debt obligations, but YPF heavily relies on short-term debt.

Last week, YPF said it would invest $35 billion to boost oil and gas production, but it is unclear where it will get that money.

Meanwhile, investors have been dumping YPF stock on concern about its future. YPF's shares traded in New York fell almost 8% to $10.25 Tuesday, valuing the company at about $4 billion.

A year ago YPF's New York shares traded at more than $46.

YPF is struggling to boost declining output while also meeting the government's goal of keeping energy prices dirt cheap.

Energy analysts, including eight former Argentine energy secretaries, say these twins goals are incompatible and that raising output will require raising oil and gas prices to fund the investment.

--Taos Turner in Buenos Aires contributed to this article

Write to Nathalie Tadena at [email protected]

Stocks mentioned in the article : Repsol YPF SA
Stocks mentioned in the article
ChangeLast1st jan.
DOMINION ENERGY 0.68% 63.72 Delayed Quote.-21.39%
REPSOL YPF 0.44% 17.14 End-of-day quote.16.24%
YPF SA --End-of-day quote.
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Financials (€)
Sales 2018 50 360 M
EBIT 2018 3 866 M
Net income 2018 2 257 M
Debt 2018 4 875 M
Yield 2018 5,27%
P/E ratio 2018 11,51
P/E ratio 2019 11,92
EV / Sales 2018 0,62x
EV / Sales 2019 0,64x
Capitalization 26 561 M
Chart REPSOL YPF
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Repsol YPF Technical Analysis Chart | REP | ES0173516115 | 4-Traders
Technical analysis trends REPSOL YPF
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 17,1 €
Spread / Average Target -0,31%
EPS Revisions
Managers
NameTitle
Josu Jon Imaz San Miguel Chief Executive Officer & Executive Director
Antonio Brufau Niubó Chairman
Miguel Martínez San Martín Chief Operating & Financial Officer
Hector González Nistal Executive Director-Technical Development, S&E
Luis Suárez de Lezo Mantilla Secretary, Executive Director & General Counsel
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