Fitch rates Repsol notes BB+

Fitch Ratings said it assigned Repsol International Finance BV's subordinated notes a BB+ rating. The notes are guaranteed by Repsol SA, which Fitch rates BBB.

“The rating for the hybrid capital security reflects the highly subordinated nature of the notes, considered to have lower recovery prospects in a liquidation or bankruptcy scenario,” Fitch said in a press release.

Repsol plans to use the proceeds to refinance the €1 billion hybrid bond issued in 2015 and also for general corporate purposes.

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