<div id="readability-page-1"><div>Fitch Ratings-New York/Sao Paulo-01 December 2025: Fitch Ratings has assigned a rating of ‘BB-’ to the proposed reopening of Vista Energy Argentina S.A.U.'s (Vista Argentina) senior unsecured notes due in 2033.The notes will bear interest at an annual rate of 8.5% on the outstanding principal amount, payable semi-annually in arrears. Net proceeds will be used for debt refinancing, capex, working capital, M&amp;A in Argentina and/or general corporate purposes. Fitch currently rates Vista Argentina's Long-Term Foreign and Local Currency Issuer Default Rating (IDR) 'BB-'. The Rating Outlook is Stable.Vista Argentina's 'BB-' Foreign Currency IDR is three notches above Argentina's Country Ceiling (B-) due to cash held abroad and export revenue covering the next three years of hard currency debt service by over 1.5x. The ratings reflect Vista Argentina's strong business and financial profile, with expected production of 115,000 barrels of oil equivalent per day (boe/d), 1P reserves of at least 800 million barrels of oil equivalent (mmboe) in fiscal 2025, and leverage below 3.0x.KEY RATING DRIVERSRating Above the Country Ceiling: Vista Argentina's cash flow generation is concentrated in Argentina (CCC+). The Long-Term Foreign Currency IDR is not constrained by Argentina's Country Ceiling. This is due to the company's ability to cover hard currency debt service with export revenue and cash held abroad, while maintaining a foreign currency debt service coverage ratio above the threshold of 1.5x for at least three years. This enables an uplift of up to three notches above the Country Ceiling, in accordance with Fitch's “Corporate Rating Criteria.”The recent acquisition of Petronas E&amp;P Argentina S.A. (PEPASA) will expand Vista Argentina's hard currency access, as the company can export 20% of La Amarga Chica (LACh) (unconventional concession in Vaca Muerta) production with a 0% export duty rate and freely use the proceeds.Growing Operating Scale: Fitch expects Vista Argentina's production to average 125,000 boe/d and 145,000 boe/d in fiscal 2025 and 2026, respectively, while keeping 1P reserves of at least 800 mmboe and a 1P reserve life index (RLI) of 19 years. This operating profile is in line with the midpoint of the 'BB' category. The growth is fueled by the PEPASA acquisition adding 36,000 bbl/d in production and 140 million barrels of oil equivalent (mmboe) in 1P reserves based on fiscal 2024 data. Fitch projects Vista Argentina to deploy USD3.0 billion in capex over the next three years, focusing on production growth.Low-Cost Producer: Fitch estimates an operating cost (cost of goods sold; COGS) per boe of $31/boe and EBITDA of USD1.4 billion ($31/boe) in fiscal 2025. Vista Argentina is one of the independent oil and gas producer with the lowest production costs among Fitch's rated portfolio in Latin America, with half-cycle and full-cycle costs at $17/boe and $27/boe, respectively, as of fiscal 2024. These low costs are driven by economies of scale and by the company's focus on shale oil and gas, comparing favorably to other peers in Latin America.Strong Financial Profile: Fitch projects EBITDA leverage will remain below 3.0x over the rating horizon, with coverage rations consistently above 5.0x. On a boe basis, Fitch estimates debt to 1P to be close to $3/boe in fiscal 2025. Vista Argentina's strong financial flexibility allows it to mitigate the risks associated with its high-risk operating environment.PEER ANALYSISVista Argentina has low production costs compared to other entities rated by Fitch in Latin America, making it a key differentiator among its peers. Vista Argentina's fiscal 2024 half-cycle cost of $17/boe was the lowest of the rated portfolio. In terms of operational scale and 1P reserves, Fitch projects that Vista Argentina's total production will average 115,000 boe/d and 1P reserves of at least 500 mmboe in fiscal 2025, placing Vista in the midpoint range of the 'BB' category.Vista Argentina's operations are concentrated in Argentina, which is a limiting factor for its rating as the operating environment of 'b' poses higher risks compared to its peers. This is the same case for Pan American Energy S.L. (BB-/Stable), whose rating is also constrained by the Argentine operating environment. However, its medium production size of 220,000 barrels of oil equivalent per day (kboe/d) and strong 1P reserve life of close to 19 years compare favorably to other 'BB' rated oil and gas exploration and production (E&amp;P) producers.Fitch expects Vista Argentina's EBITDA leverage to remain below 3.0x throughout the rating cycle. Compared to its peers, Fitch expects the average leverage of these E&amp;P companies to be also below 3.0x over the next three years. On a boe basis, Vista's fiscal 2024 total debt to 1P was $2.8/boe.KEY ASSUMPTIONS--Average Brent prices from 2025 to 2027 (USD/bbl): 70, 65, 65, 60;--Average daily production from 2025 (kboe/d): 115;--Oil sales consider discount to Brent of $9/bbl;--Lifting cost of $5/boe between 2025 and 2028;--Royalties of $8.5/boe between 2025 and 2028;--Selling expenses of $4/boe between 2025 and 2028;-- G&amp;A of $2.5/boe between 2025 and 2028;--EBITDA leverage at or below 3.0x over the rating horizon.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade--Downgrade of Argentina’s Country Ceiling;--Hard currency cash flows from operations outside Argentina not covering hard currency gross interest expense in excess of 1.5x for 24 months;--Vista Argentina’s ratings could be negatively affected if hard currency liquidity is weakened by capital controls;--Debt/EBITDA and net debt/EBITDA ratios above 3.5x and 2.5x, respectively, on a sustained basis;--Major operational disruptions at key assets, resulting in a significant reduction in production.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade--Upgrade of Argentina’s Country Ceiling;--Sustained access to hard currency committed credit lines from highly rated international banks;--Increasing production to more than 125 kboe/d, while maintaining 1P reserve life of at least seven years.LIQUIDITY AND DEBT STRUCTUREVista Argentina had around USD202 million in cash and equivalents and USD562 million in short-term debt as of 3Q25. Vista Argentina, like other E&amp;Ps in Argentina, has taken advantage of local capital markets to access cheap financing to fund its operations. As of 3Q25, 36% of the company's debt was denominated in hard currency.Fitch believes Vista Argentina can comfortably service debt with cash on hand and cash flows through the rating horizon in the event the company faces a challenging financing environment due to Argentina's capital controls.ISSUER PROFILEVista Argentina is a midsize oil and gas producer with average pro forma production of 115,000 boe/d in 2025. Its main assets are in the Neuquina basin (Vaca Muerta) in Argentina. 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VIST

Fitch Ratings has assigned a 'BB-' rating to Vista Energy Argentina's proposed reopening of senior unsecured notes due 2033, with an 8.5% interest rate. Proceeds will be used for debt refinancing, capex, working capital, M&A, and general corporate purposes. Vista Argentina's strong financial profile includes expected production of 115,000 boe/d and leverage below 3.0x. The rating is three notches above Argentina's Country Ceiling due to export revenue and cash held abroad.

Fitch Rates Vista Energy Argentina's Proposed Senior Unsecured Notes Reopening 'BB-'