October 31, 2011
Fitch has downgraded YPF and Pan American Energy to B+ from BB minus, citin
Fitch has downgraded YPF and Pan American Energy to B+ from BB minus, citing how Argentine legislation enforcing the repatriation of export proceeds will affect both companies. Both oil companies were rated above the country’s B ceiling, but the recent legislation, as well as the uncertainty over the country’s regulatory framework and the strength of the peso all led to the downgrade. The outlook is stable for both issuers.