Fitch revises Repsol view

Fitch Ratings said it revised the outlook on Repsol, SA's long-term issuer default rating to positive from stable and affirmed the long-term issuer default rating at BBB.

“The positive outlook reflects the progress in implementation of Repsol's strategy and the company's strong financial profile and a track record of commitment to a conservative financial policy,” the agency said in a news release.

Fitch said it believes that the recent partial disposals of the renewable and upstream segments are long-term positives, as they provide the financial flexibility to accelerate the transformation of the business in light of the long-term energy mix changes.

“More visibility on the business profile of the company and sustainability of the prudent financial policy following the use of proceeds from the disposals will be a key rating determinant to resolve the positive outlook,” the agency said.

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