YPF YPF Sociedad Anonima

YPF Sociedad Anónima

TABLE OF CONTENT

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

Re: 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,

11 Argentine Infrastructure And Corporate Entities Downgraded To ‘CCC-’ On Increased Transfer And Convertibility Risks

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.

Related Criteria

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11 Argentine Infrastructure And Corporate Entities Downgraded To ‘CCC-’ On Increased Transfer And Convertibility Risks

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11 Argentine Infrastructure And Corporate Entities Downgraded To ‘CCC-’ On Increased Transfer And Convertibility Risks

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11 Argentine Infrastructure And Corporate Entities Downgraded To ‘CCC-’ On Increased Transfer And Convertibility Risks

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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