Fitch lifts Repsol to stable

Fitch Ratings said it revised the outlook on Repsol SA to stable from negative.

The agency also affirmed its long-term issuer default rating at BBB-, senior unsecured debt at BBB- and short-term issuer default rating at F3.

Repsol International Capital Ltd.'s hybrid capital instruments also were affirmed at BB- and Repsol International Finance's senior unsecured debt was affirmed at BBB- and commercial paper short-term rating at F3.

The outlook revision reflects an expectation that Repsol's deconsolidated credit metrics and business profile will not weaken to levels consistent with a lower rating, Fitch said.

The agency said it believes Repsol should be able to complete fixed-asset divestments by the end of 2013 and use these proceeds to reduce debt and stabilize credit metrics.

The company's credit profile has limited additional downside, even in the absence of fixed-asset divestments, which supports the stable outlook, Fitch added.

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