Moody’s ups Repsol Oil notes, view stable

Moody's Investors Service said it affirmed Repsol SA's Baa2 issuer rating and the Baa2 guaranteed long-term debt, Prime-2 commercial paper, provisional Baa2 shelf program and provisional Baa2/provisional P-2 medium-term note program ratings of Repsol International Finance BV and the Ba1 ratings for Repsol International Finance's junior subordinated notes.

The agency also upgraded the ratings on the notes issued by Repsol Oil & Gas Canada Inc. to Baa2 from Baa3 and the rating on Repsol Oil & Gas' shelf program to provisional Baa2 from provisional Baa3.

The outlook was changed to stable from negative.

"We changed the outlook on Repsol's ratings to stable from negative to reflect the expected improvement in the credit metrics in 2017, which is underpinned by the delivery of cost cuts and synergies across the business, some recovery in the oil prices, as well as by divestments," Elena Nadtotchi, Moody’s vice president, senior credit officer and lead analyst for Repsol, said in a news release.

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