Fitch ups Repsol Oil & Gas to BBB

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

The agency also upgraded Repsol Oil & Gas Canada Inc.'s issuer default rating to BBB from BBB- with a stable outlook.

Fitch said the outlook revision reflects its expectation that Repsol will maintain FFO net adjusted leverage below 3 times to the rating horizon. Faster-than-expected progress with disposals and opex and capex reductions coupled with larger synergies from the integration of Repsol Oil & Gas reduced FFO net adjusted leverage to 3.3 times in 2016 from 4.4 times in 2015, and the agency said it expects the ratio to decrease further to 3 times in 2017 and below 3 times to the rating horizon.

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