Fitch boosts Repsol

Fitch Ratings said it upgraded Repsol, SA's long-term issuer default and senior unsecured debt ratings to BBB+ from BBB. The agency also boosted Repsol Oil & Gas Canada Inc.’s rating to BBB+ from BBB and withdrew its ratings.

Additionally, Fitch raised to BBB+ from BBB its ratings for the long-term debt issued by Repsol International Finance and Repsol Europe Finance.

“The upgrade follows Repsol's strong deleveraging to below 1x EBITDA net leverage, including substantial reduction in gross debt, continued strong operational execution in its core oil & gas businesses, continued investment in low-carbon businesses and prudent financial management,” Fitch said in a press release.

The outlook is stable

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