Pampa Energía (PAM) upgraded to B+ by Fitch with stable outlook

Rhea-AI Filing Summary

Pampa Energía S.A. reports that Fitch Ratings has upgraded the Company’s long-term foreign and local currency credit ratings from “B” to “B+”. Fitch also affirmed the rating on Pampa’s senior unsecured bonds at “B+” with a recovery rating of “RR4”, and assigned a stable outlook.

Positive

• Credit rating upgrade by Fitch: Pampa Energía’s long-term foreign and local currency ratings were raised from “B” to “B+”, with senior unsecured bonds affirmed at “B+” and a stable outlook, which can support better market access and financing terms.

Negative

• None.

Insights

Credit markets analyst

Fitch lifted Pampa Energía’s credit rating to B+ with a stable outlook.

Fitch Ratings upgraded Pampa Energía’s long-term foreign and local currency ratings from “B” to “B+” and affirmed its senior unsecured bond rating at “B+” with a recovery rating of “RR4”. A stable outlook indicates Fitch currently sees no immediate pressure for another change.

This move can broaden potential funding sources and may eventually help the Company access capital on better terms, because many lenders and bond investors use agency ratings as a key risk gauge. The filing does not detail drivers of the upgrade, so future company communications would provide more color on underlying performance.

Key Figures

Long-term ratings: From “B” to “B+” Senior unsecured bond rating: “B+” Recovery rating: “RR4” +3 more

6 metrics

Long-term ratings From “B” to “B+” Company’s long-term foreign and local currency ratings

Senior unsecured bond rating “B+” Rating on Pampa’s senior unsecured bonds

Recovery rating “RR4” Recovery rating on senior unsecured bonds by Fitch

Rating outlook Stable Outlook assigned by Fitch Ratings

Rating agency Fitch Ratings Agency providing the updated ratings

Announcement date May 13, 2026 Date of relevant event letter in Buenos Aires

Key Terms

long-term foreign and local currency ratings, senior unsecured bonds, recovery rating, forward-looking statements, +1 more

5 terms

long-term foreign and local currency ratings financial

"an improvement in the Company's long-term foreign and local currency ratings from “B” to “B+”"

senior unsecured bonds financial

"affirmed the rating on Pampa’s senior unsecured bonds at “B+,”"

Senior unsecured bonds are loans a company issues to investors that have priority for repayment over other unsecured debts but are not backed by specific assets as collateral. Think of them as a high‑priority IOU: if the company runs into trouble, holders are paid before holders of junior debt but after any creditors who have claims on particular assets, so they offer a mix of relative safety and higher yield than secured or higher‑priority loans.

recovery rating financial

"with a recovery rating of “RR4,” according to a report published by Fitch Ratings"

A recovery rating is an estimate of how much money creditors or investors are likely to get back if a company defaults or enters bankruptcy, usually shown as a percentage or a simple grade. It matters because it helps investors gauge downside risk and potential losses—like knowing how much value you could salvage from a broken appliance—so higher recovery ratings generally mean less expected loss and influence bond prices and lending decisions.

forward-looking statements regulatory

"This press release may contain forward-looking statements."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

rating outlook financial

"The rating outlook is stable."

A rating outlook is an analyst or credit agency's short- to medium-term prediction about whether a current credit or stock rating is likely to improve, worsen, or stay the same. It matters to investors because it signals potential changes in risk and value—like a weather forecast for a credit or share, helping investors prepare for possible downgrades, upgrades, or stability that could affect prices and borrowing costs.

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FAQ

What credit rating change did Pampa Energía (PAM) announce?

Pampa Energía announced that Fitch Ratings upgraded its long-term foreign and local currency ratings from “B” to “B+”. Fitch also affirmed the Company’s senior unsecured bond rating at “B+” with a “RR4” recovery rating and a stable outlook.

Which Pampa Energía (PAM) securities are covered by Fitch’s B+ rating?

Fitch’s “B+” rating applies to Pampa Energía’s long-term foreign and local currency credit ratings and to its senior unsecured bonds. The bonds also carry a recovery rating of “RR4”, indicating Fitch’s view of expected recovery prospects in a default scenario.

What is the outlook on Pampa Energía’s Fitch credit rating?

Fitch assigned a stable outlook to Pampa Energía’s “B+” credit ratings. A stable outlook means Fitch currently does not expect to change the rating in the near term, assuming the Company’s financial and operating profile remain broadly consistent with expectations.

Who provided the updated credit rating for Pampa Energía (PAM)?

The updated ratings were provided by Fitch Ratings, a global credit rating agency. According to the report cited, Fitch upgraded Pampa Energía’s long-term foreign and local currency ratings to “B+” and affirmed the Company’s senior unsecured bonds at “B+” with a “RR4” recovery rating.

Does the Pampa Energía rating action affect its senior unsecured bonds?

Yes. Fitch affirmed the rating on Pampa Energía’s senior unsecured bonds at “B+” and assigned a recovery rating of “RR4”. This links the bond rating directly to the Company’s upgraded long-term profile and informs investors about expected recovery levels under stress.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026

(Commission File No. 001-34429),

PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)

Argentina

(Jurisdiction of incorporation or organization)

Maipú 1
C1084ABA
City of Buenos Aires
Argentina

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ___X___ Form 40-F ______

(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)

Yes ______ No ___X___

(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)

This Form 6-K for Pampa Energía S.A. (“Pampa” or the “Company”) contains:

Exhibit 1: Letter dated May 13, 2026 entitled “Relevant Event. Credit rating of the Company´s”

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 13, 2026

Pampa Energía S.A.
By:	/s/ Gustavo Mariani
	Name: Gustavo Mariani Title:   Chief Executive Officer

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Buenos Aires, May 13, 2026

COMISIÓN NACIONAL DE VALORES

BOLSAS Y MERCADOS ARGENTINOS S.A.

Ref.: Relevant Event. Credit rating of the Company´s

Dear Sirs,

I am writing to you, in my capacity as Head of Market Relations of Pampa Energía S.A. (the “Company”) in order to inform an improvement in the Company's long-term foreign and local currency ratings from “B” to “B+” and affirmed the rating on Pampa’s senior unsecured bonds at “B+,” with a recovery rating of “RR4,” according to a report published by Fitch Ratings. The rating outlook is stable.

Sincerely,

________________________________

María Agustina Montes

Head of Market Relations

Filing Exhibits & Attachments

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