# EDGAR Filing Document

**Accession Number:** 0000904851
**File Stem:** 0001193125-23-087328
**Filing Date:** 2023-3
**Character Count:** 24786
**Document Hash:** 08a0ed475fc32432dbcddf7fe2652640
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-087328.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-087328

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230331

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YPF SOCIEDAD ANONIMA
- **CENTRAL INDEX KEY:** 0000904851
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **IRS NUMBER:** 521612271
- **STATE OF INCORPORATION:** C1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12102
- **FILM NUMBER:** 23785093

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PTE R SAENZ 777-8 PISO
- **CITY:** BUENOS AIRES 1364 AR
- **STATE:** C1
- **BUSINESS PHONE:** 5413267265

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PTE R SAENZ 777-8 PISO
- **CITY:** BUENOS AIRES
- **STATE:** C1

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 6-K** 

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**Report of Foreign Issuer** 

**Pursuant to Rule 13a-16 or 15d-16** 

**of the Securities Exchange Act of 1934** 

**For the month of March 2023** 

**Commission File Number: 001-12102** 

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## YPF Sociedad Anónima
**(Exact name of registrant as specified in its charter)** 

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**Macacha Güemes 515** 

**C1106BKK Buenos Aires, Argentina** 

**(Address of principal executive office)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

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**YPF Sociedad Anónima** 

TABLE OF CONTENT

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| **ITEM** |  |
| 1 | Translation of letter to the CNV, Mercado Electrónico Abierto S.A. and Buenos Aires Stock Exchange dated March 31, 2023 |

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Buenos Aires, March 31, 2023

To the

**COMISION NACIONAL DE VALORES** 

25 de Mayo 175

City of Buenos Aires

**MERCADO ABIERTO ELECTRÓNICO S.A.** 

Maipu 1210

City of Buenos Aires

**BOLSAS Y MERCADOS ARGENTINOS S.A.** 

Sarmiento 299

City of Buenos Aires

<u>Re:</u> Long-term local and foreign currency rating modification

Dear Sirs:

The purpose of this letter is to comply with the requirements of the Rules of the Argentine Securities and Exchange Commission and the corresponding ByMA and MAE Regulations.

In this regard, we hereby inform that yesterday, S&P Global Ratings ("S&P") downgraded YPF's long-term local and foreign currency rating, together with that of 11 Argentine companies, to 'CCC-' from 'CCC+', with a negative outlook, mainly reflecting the higher sovereign risk and the impact of potential new foreign exchange restrictions on the companies' ability to meet their financial obligations in foreign currency.

This rating change is related to S&P's downgrade of Argentina's long-term foreign currency rating on March 29 to 'CCC-' from 'CCC+', as well as the modification of the country's transfer and convertibility (T&C) rating to 'CCC-' from 'CCC+'.

The respective report is copied below.

Yours faithfully,

**Pablo Calderone**<br> Market Relations Officer<br> YPF S.A.<br>

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| ![LOGO](g461190dsp4.jpg) | ![LOGO](g461190dsp4a.jpg) |

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## 11 Argentine Infrastructure And Corporate Entities Downgraded To 'CCC-' On Increased Transfer And Convertibility Risks
**March 30, 2023** 

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|:---|:---|
| • On March 29, 2023, S&P Global Ratings lowered its long-term foreign currency rating on Argentina to 'CCC-' from 'CCC+'. At the same time, we revised downwards our transfer and convertibility (T&C) assessment on the country to 'CCC-' from 'CCC+'.<br>• We're also lowering our ratings on 11 Argentine infrastructure and corporate entities to 'CCC-' from 'CCC+'.<br>• The outlook on these entities is negative, reflecting potential further restrictions to access and/or transfer funds abroad in the near future, including regulation forcing these companies to unilaterally restructure their foreign-currency debt maturities, as was the case in early 2021, a situation that we typically view as tantamount to default. The outlook and the ratings also incorporate the chances of a deeper recession, hurting these entities' ability to generate enough revenue in domestic currency to convert into the needed funds for servicing the foreign-currency obligations. We could raise the ratings if our perception of the T&C risk diminishes.<br>BUENOS AIRES (S&P Global Ratings) March 30, 2023--S&P Global Ratings lowered its local and foreign currency ratings on the following companies to 'CCC-' from 'CCC+'. The outlook on these ratings is now negative:<br>• Aeropuertos Argentina 2000 S.A.<br>• AES Argentina Generación S.A.<br>• CAPEX S.A.<br>• Compania General de Combustibles S.A.<br>• CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.<br>• Empresa Distribuidora Y Comercializadora Norte S.A.<br>• Pampa Energia S.A.<br>• Telecom Argentina S.A.<br>• Transportadora de Gas del Sur S.A. (TGS)<br>• YPF Energia Electrica S.A.<br>• YPF S.A. | **PRIMARY CREDIT ANALYST**<br>**Diego H Ocampo**<br>Buenos Aires<br> +54 (11) 65736315<br>diego.ocampo<br> @spglobal.com<br>**SECONDARY CONTACTS**<br>**Amalia E Bulacios**<br>Buenos Aires<br>+ 54 11 4891 2141<br>amalia.bulacios<br> @spglobal.com<br>**Candela Macchi**<br>Buenos Aires<br>+ 54 11 4891 2110<br>candela.macchi<br> @spglobal.com |

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|:---|:---|
| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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**11 Argentine Infrastructure And Corporate Entities Downgraded To 'CCC-' On Increased Transfer And Convertibility Risks** 

The downgrade follows a similar action on our long-term foreign currency ratings and T&C on Argentina, following announced plans that, if implemented, would oblige some nonfinancial public-sector entities to exchange or sell their holdings of global- and local-law dollar-denominated bonds issued during the 2020 restructuring for other locally issued peso debt, likely dollar- and/or inflation-linked bonds. In our view, the lack of clarity and the apparent motivation for the potential transaction underscore heightened credit vulnerabilities, in particular given the increasing pressures from the severe drought that Argentina is facing, which further constrains the already disrupted FX market. This expected greater pressure on the FX markets also explains our downward revision of the T&C assessment to 'CCC-'.

The T&C assessment reflects our perception of the risk of the sovereign interfering with the ability of domestic companies to access, convert, and transfer money abroad, which is essential for the affected companies to service their financial obligations, many of which are denominated in foreign currency, particularly U.S. dollars.

Although some of these entities do not face material obligations in foreign currency in the next 12 months, Argentina's recent track record of forcing entities to restructure foreign-currency debts in times of severe external account weakness, such as the current one, increases the likelihood of a similar action in the next few quarters.

The outlook on these entities is negative, reflecting potential harsher restrictions to access and/or transfer funds abroad in the near future, including additional central bank regulations forcing Argentine entities to unilaterally push forward payments in foreign-currency debt, as was the case in early 2021, a situation that we typically view as tantamount to default. The negative outlook on these entities also reflects the chances of a deeper recession, along with increasing inflation, a sharp depreciation of the peso, which could in turn reduce the companies' ability to generate enough revenue in domestic currency to convert into the needed funds for servicing the foreign-currency obligations. We could raise the ratings if our perception of the T&C risk diminishes.

**<u>Related Criteria</u>**

• Criteria \| Corporates \| Industrials: Key Credit Factors For The Midstream Energy Industry, Nov. 15, 2021

• General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021

• General Criteria: Group Rating Methodology, July 1, 2019

• Criteria \| Corporates \| General: Corporate Methodology: Ratios And Adjustments, April 1, 2019

• Criteria \| Corporates \| General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018

• Criteria \| Corporates \| Industrials: Key Credit Factors For The Real Estate Industry, Feb. 26, 2018

• General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015

• Criteria \| Corporates \| General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers,
Dec. 16, 2014

• Criteria \| Corporates \| Industrials: Key Credit Factors For The Telecommunications And Cable Industry,
June 22, 2014

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|:---|:---|
| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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**11 Argentine Infrastructure And Corporate Entities Downgraded To 'CCC-' On Increased Transfer And Convertibility Risks** 

• Criteria \| Corporates \| General: Corporate Methodology, Nov. 19, 2013

• General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013

• Criteria \| Corporates \| Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013

• General Criteria: Methodology: Industry Risk, Nov. 19, 2013

• General Criteria: Ratings Above The Sovereign—Corporate And Government Ratings: Methodology And Assumptions,
Nov. 19, 2013

• General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012

• General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012

• General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

**<u>Ratings List</u>**

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| | | |
|:---|:---|:---|
| **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* AES Corp. (The) \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* AES Corp. (The) \* \* \* \* \* \* \* \* \* \* \* \* \* \*** |  |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **AES Argentina Generación S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Negative/— |
| **AES Argentina Generación S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **\* \* \* \* \* \* \* \* \* \* \* Aeropuertos Argentina 2000 S.A. \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* Aeropuertos Argentina 2000 S.A. \* \* \* \* \* \* \* \* \* \*** |  |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **Aeropuertos Argentina 2000 S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Secured | CCC- | CCC+ |
| **Downgraded; CreditWatch/Outlook Action** |  |  |
|  | **To** | **From** |
| **Aeropuertos Argentina 2000 S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* CAPEX S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* CAPEX S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** |  |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **CAPEX S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |

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|:---|:---|
| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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**11 Argentine Infrastructure And Corporate Entities Downgraded To 'CCC-' On Increased Transfer And Convertibility Risks** 

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|:---|:---|:---|
| **Downgraded; CreditWatch/Outlook Action** | **Downgraded; CreditWatch/Outlook Action** |  |
|  | **To** | **From** |
| **CAPEX S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* CLISA-Compania Latinoamericana de Infraestructura & Servicios S. \* \* \*** | **\* \* \* CLISA-Compania Latinoamericana de Infraestructura & Servicios S. \* \* \*** | **\* \* \* CLISA-Compania Latinoamericana de Infraestructura & Servicios S. \* \* \*** |
| \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* | \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* |  |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** | **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** | **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Secured | CCC- | CCC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC |
| **Downgraded; CreditWatch/Outlook Action** |  |  |
|  | **To** | **From** |
| **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** | **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** | **CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC/Positive/— |
| **\* \* \* \* \* \* \* \* \* Compania De Inversiones de Energia S.A. \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* Compania De Inversiones de Energia S.A. \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* Compania De Inversiones de Energia S.A. \* \* \* \* \* \* \* \*** |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **Transportadora de Gas del Sur S.A. (TGS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **Downgraded; CreditWatch/Outlook Action** |  |  |
|  | **To** | **From** |
| **Transportadora de Gas del Sur S.A. (TGS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* \* \* \* \* \* \* Compania General de Combustibles S.A. \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* Compania General de Combustibles S.A. \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* Compania General de Combustibles S.A. \* \* \* \* \* \* \* \* \*** |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **Compania General de Combustibles S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **Downgraded; CreditWatch/Outlook Action** |  |  |
|  | **To** | **From** |
| **Compania General de Combustibles S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* \* \* \* Empresa Distribuidora Y Comercializadora Norte S.A. \* \* \* \* \*** | **\* \* \* \* \* \* Empresa Distribuidora Y Comercializadora Norte S.A. \* \* \* \* \*** | **\* \* \* \* \* \* Empresa Distribuidora Y Comercializadora Norte S.A. \* \* \* \* \*** |
| Downgraded |  |  |
|  | **To** | **From** |
| **Empresa Distribuidora Y Comercializadora Norte S.A.** | **Empresa Distribuidora Y Comercializadora Norte S.A.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Negative/— |

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|:---|:---|
| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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**11 Argentine Infrastructure And Corporate Entities Downgraded To 'CCC-' On Increased Transfer And Convertibility Risks** 

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|:---|:---|:---|
| **\* \* \* \* \* \* \* \* \* \* \* \* \* \* Pampa Energia S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* Pampa Energia S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* Pampa Energia S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \*** |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **Pampa Energia S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **Downgraded; CreditWatch/Outlook Action** | **Downgraded; CreditWatch/Outlook Action** | **Downgraded; CreditWatch/Outlook Action** |
|  | **To** | **From** |
| **Pampa Energia S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* \* \* \* \* \* \* \* \* \* \* Telecom Argentina S.A. \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* Telecom Argentina S.A. \* \* \* \* \* \* \* \* \* \* \* \* \*** |  |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **Telecom Argentina S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **Downgraded; CreditWatch/Outlook Action** | **Downgraded; CreditWatch/Outlook Action** | **Downgraded; CreditWatch/Outlook Action** |
|  | **To** | **From** |
| **Telecom Argentina S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** |
| **Downgraded** |  |  |
|  | **To** | **From** |
| **YPF S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **YPF S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |
| **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF Energia Electrica S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF Energia Electrica S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** | **\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* YPF Energia Electrica S.A. \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*** |
| **Downgraded; CreditWatch/Outlook Action** |  |  |
|  | **To** | **From** |
| **YPF Energia Electrica S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer Credit Rating | CCC-/Negative/— | CCC+/Stable/— |
| **YPF Energia Electrica S.A.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured | CCC- | CCC+ |

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Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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| **www.spglobal.com/ratingsdirect** | March 30, 2023 |

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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|:---|:---|:---|
|  | **YPF Sociedad Anónima** | **YPF Sociedad Anónima** |
| Date: March 31, 2023 | By: | /s/ Pablo Calderone |
|  | Name: | Pablo Calderone |
|  | Title: | Market Relations Officer |

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