YPF says funding secure despite Argentina debt default

|About: YPF Sociedad Anonima (YPF)|By:, SA News Editor

Argentina's YPF (YPF +1.2%) has enough cash and local funding sources to weather a sovereign default that has blocked it and other companies from international debt markets, CFO Daniel Gonzalez said in today's earnings conference call.

The CFO said YPF had 11.4B pesos ($1.4B) in cash on its balance sheet at the end of June, and the company can lean on its credit lines with local banks, tap a $1B credit line with the federal government and, if necessary, adjust its capital spending.

"We don´t have any plans for accessing international markets for now," Gonzalez said, but "you shouldn't be surprised" if YPF re-enters the market to rebuild its cash position if the sovereign default situation gets resolved.