Moody's lowers Repsol

Moody's Investors Service said it downgraded the long term issuer rating of Repsol SA to Baa2 from Baa1 downgraded Repsol International Finance BV’s junior subordinated rating to Ba1 from Baa3. The agency changed the outlook to negative from stable.

“Moody's believes that in 2020 the company's earnings and cash flows across all of its businesses will meaningfully decline. Repsol's upstream earnings will suffer from significantly lower oil prices, which in the wake of coronavirus pandemics and with a price war in the industry plummeted in March 2020 below $30/bbl,” said the agency in a press release.

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