Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion

YPF’s strategic focus on expanding unconventional production and investing in infrastructure, particularly export capacity, is expected to enhance its credit profile.

Executive Summary

• We are initiating coverage on YPF with an Outperform recommendation. In our view, improving macroeconomic conditions in Argentina will likely support YPF’s operations. This, combined…