Fixed income and 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-2	Stable	March 25th, 2020
Moody's	Baa2	P-2	Negative	April 2nd, 2020
Fitch	BBB	F-2	Stable	April 2nd, 2020

Ratings can be reviewed, suspended, or withdrawn by the rating agency at any time.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

Good credit rating. It indicates a good intrinsic 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-2

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

More information: Moody's

Standard & Poor's

Long-term credit risk ratings:

BBB

An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

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-2

A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

More information: Standard & Poor's

Repsol Oil & Gas Canada (ROGCI):

AGENCY	LONG-TERM	SHORT-TERM	OUTLOOK	LAST REVIEW DATE
Standard & Poor's	BBB	A-2	Positive	March 25th, 2020
Moody's	Baa2	NR	Stable	April 2nd, 2020
Fitch	BBB	F-2	Positive	April 2nd, 2020

Evolution of long-term credit ratings

Evolution of long-term ratings