Exhibit 99.1

Research Update:

Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

March 1, 2021

Rating Action Rationale

Post-debt exchange, YPF’s cost of debt has eased in 2021 and 2022, freeing up capital for the company to invest in production and recover volumes. Although we expect volumes to grow gradually, we think it will take YPF at least three years to return to pre-pandemic oil and gas production levels. Assuming international oil prices are hovering near US$50 per barrel (bbl) and prices for natural gas are below $3.5 per million British thermal units (MMBTUs), we think the company will struggle to generate free cash flow, even assuming domestic prices are fully pegged to import parity.

YPF has a challenging capital spending program in upcoming years that would keep leverage relatively high. The company’s capex guidance for 2021 is about $2.7 billion, and we expect it to stay between $2.3 billion and $2.5 billion afterward. However, we believe those levels are ambitious and could be sustained only if oil and gas prices are significantly higher than what we currently assume, with record export levels and/or asset sales.

In that context, YPF’s leverage is likely to remain at or slightly above 3x for the next two years and its financial flexibility will be pressured while the company adapts its investments or seeks additional capital resources.

Research Update: Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

In our opinion, upside potential to our base case could come from better international prices that the company could take advantage of by increasing exports or from a faster pick-up of the Argentine economy and overall fuel demand, and less so from lower operating costs because YPF already achieved significant cost reductions in 2020. Although we assume lower capital expenditures (capex) for 2021 than the company’s guidance, we believe the company would need to bridge a cash flow deficit, likely using domestic bond issuances or asset sales.

Our Base Case Scenario

Assumptions

Key metrics

Liquidity

We view YPF’s liquidity as less than adequate because we expect sources to barely cover uses under a zero rollover assumption. YPF has an intense use of short-term trade financing lines with local banks that we expect to be almost entirely renewed, but we don’t include this in our liquidity test.

In our view, YPF would be able to absorb high-impact, low-probability events with limited need for refinancing, which the company could attain because it has some flexibility to postpone capex. Furthermore, YPF has solid standing in credit markets and relationships with banks, thanks to its record of honoring financial commitments even during scenarios of sovereign credit stress. We estimate cash sources and uses for the next 12 months below:

Research Update: Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

Principal liquidity sources

Principal liquidity uses

Outlook

The stable outlook reflects the more balanced cash flow dynamics due to rising oil prices; lower interest payments in the next two years, and some flexibility we expect in its investment program to minimize cash flow deficits. Despite those factors and the eased short-term debt payments after the debt exchange, we continue to cap the ratings on YPF by our ‘CCC+’ T&C assessment on Argentina.

Downside scenario

Argentina’s fragile economy may curb demand for YPF’s products and make it more difficult to pass through international price increases to domestic prices, which could erode internal cash flow generation. In addition, and because YPF needs to keep investing heavily amid funding scarcity, the company may have less short-term financial flexibility. We could downgrade the company if cash flow deficits or weaker market access threaten financial flexibility.

We could also lower the ratings if T&C restrictions are prolonged or exacerbate, impeding the company from servicing future debt or interest payments.

Upside scenario

A rating upside would require an improvement of T&C risks, assuming YPF’s financial flexibility remains balanced and its cash flow and leverage patterns don’t weaken.

Ratings Score Snapshot

Issuer Credit Rating: CCC+/Stable/—

Business risk: Vulnerable

Country risk: Very high

Industry risk: Moderately high

Competitive position: Fair

Financial risk: Aggressive

Research Update: Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

Cash flow/leverage: Aggressive

Anchor: b

Modifiers

Stand-alone credit profile : b-

Group credit profile: b-

Entity status within group: Core

Related government rating: CCC+

Likelihood of government support: Moderately high

Rating above the sovereign: (no impact)

Related Criteria

Research Update: Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

Ratings List

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.

Research Update: Argentine Oil And Gas Company YPF S.A. Upgraded To ‘CCC+’ From ‘SD’ Following Debt Overhaul, Outlook Stable

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