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Fixed income and ratings Credit ratings

Credit ratings

Credit ratings

See the ratings given to Repsol by rating agencies
AGENCY LONG-TERM SHORT-TERM OUTLOOK LAST REVIEW DATE
Standard & Poor's BBB- A-3 Positive July 25, 2017
Moody's Baa2 P-2 Stable June 22, 2017
Fitch BBB F-3 Stable May 16, 2017

Ratings can be reviewed, suspended, or withdrawn by the rating agency at any time.

Rating agencies

Here you can consult the definitions of the ratings used by the agencies that assign Repsol's credit rating:

Fitch

Long-term credit risk ratings:

BBB 

Good credit rating. "BBB" ratings indicate a low credit risk. The ability to repay the principal and interests is satisfactory, although adverse economic conditions and circumstances could affect this ability.  

A "+" or "-" can be added to a rating to indicate the relative position within each rating category.

Short-term credit risk ratings:

F3

Satisfactory credit rating. It indicates a satisfactory ability to face up to financial obligations in a timely manner.

More information: Fitch Ratings

Moody's

Moody's long-term credit risk ratings: preferred bonds and shares

Baa 

Bonds with a Baa rating that have a moderate credit risk and may have some characteristics inherent to speculative-grade issuances.

Moody's rates numerically with 1, 2, or 3 in each category. A rating of 1 indicates that the obligation has a rating that appears at the top of the general rating category; a rating of 2 indicates that it has an average rating; and a rating of 3 indicates that it appears at the bottom of its respective category.

P-3 

Issuers with this rating have a satisfactory ability to repay the debt in the short term.

More information: Moody's

Standard & Poor's

Long-term credit risk ratings:

BBB 

An issuer rated as "BBB" has a satisfactory ability to fulfill its financial commitments. However, adverse economic conditions or changes in circumstances will probably lead to the weakening of this ability to fulfill financial obligations. 

Ratings can be changed by adding a plus (+) or minus (-) sign to show its relative position within the main rating categories.

Short-term credit risk ratings:

A-3

An issuer rated as "A-3" has a satisfactory ability to fulfill its financial commitments. However, it is more probable that adverse economic conditions or changes in circumstances will weaken its ability to fulfill financial commitments.

More information: Standard & Poor's


ROGCI:

AGENCY LONG-TERM SHORT-TERM OUTLOOK LAST REVIEW DATE
Standard & Poor's BBB- A-3 Positive July 25, 2017
Moody's Baa2 NR
Stable June 22, 2017
Fitch BBB F-3 Stable May 16, 2017