Moody's: Repsol to negative

Moody's Investors Service said it changed the outlook for Repsol SA to negative from stable.

Moody's ratings include Repsol's Baa3 issuer rating, the Baa3/P-3 senior unsecured debt ratings of Repsol International Finance BV and the Ba2 preferred stock rating of Repsol International Capital Ltd.

The rating action reflects Moody's concern that Repsol's execution of its disposals and refinancing plans might not be as timely as necessary to support a sufficient delinking from the sovereign in the context of the weakening of the Spanish government's creditworthiness, according to the agency,

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