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European rating agency. Objective, transparent, independent.

Repsol S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB+ Outlook STA 21.03.2024 27.03.2024
BBB+ Outlook STA 28.02.2023 07.03.2023
BBB+ Outlook STA 14.02.2022 16.02.2022

News

  • 27.03.2024
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Repsol S.A. as well as the unsolicited corporate issuer ratings of Repsol Europe Finance S.à.r.l. and Repsol lnternational Finance B.V. at BBB+. Creditreform Rating has also affirmed the unsolicited corporate issue ratings of the long-term local currency senior unsecured notes issued by Repsol Europe Finance S.à.r.l. and Repsol lnternational Finance B.V. at BBB+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remains stable. The initial unsolicited short-term rating of Repsol S.A., Repsol Europe Finance S.à.r.l. and Repsol lnternational Finance B.V. has been set to L3. For more details regarding the ratings, please refer to our rating update below.
  • 07.03.2023
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Repsol S.A. as well as the unsolicited corporate issuer ratings of Repsol Europe Finance S.à.r.l. and Repsol lnternational Finance B.V. at BBB+. Creditreform Rating has also affirmed the unsolicited corporate issue ratings of the long-term local currency senior unsecured notes issued by Repsol Europe Finance S.à.r.l. and Repsol lnternational Finance B.V. at BBB+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remains stable. For more details regarding the ratings, please refer to our rating update below.
  • 16.02.2022
    Creditreform Rating has set the initial unsolicited corporate issuer rating of Repsol S.A. at BBB+ with a stable outlook. Repsol is thus assigned a strongly satisfactory credit rating and a low to medium risk of default. Our rating is based on Repsol's strong position in relevant geographic markets, high degree of diversification, and a leading technological position. As a result of the COVID-19 pandemic, which burdened revenues and EBIT, profitability and the net total debt / EBITDA adj. ratio in particular deteriorated in 2020, despite a reduction in (net) debt. Liquidity-supporting measures, including limits on operating and capital expenditures, lower share buybacks and the issuance of hybrid bonds, nevertheless enabled Repsol to weather the crisis well. Against the backdrop of global market recovery and commodity prices, performance in the first three quarters of FY2021 showed a significant improvement in earnings and cash flows, which, combined with the company's financial discipline, support our rating assessment. As a negative ESG factor, the fossil fuel-focused business model impacts the rating.