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BULLETIN: Repsol-YPF S.A. Releases Quarterly Results
Standard & Poors, July 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's Ratings Services said today that the ratings and outlook on Spain-based integrated oil company Repsol-YPF S.A. (BBB/Negative/A-3) remain unchanged following the publication of quarterly results. The outlook continues to reflect Argentina-related risks. However, Standard & Poor's estimates that the company's downside credit risk has materially decreased given the following: -- EBIT from Latin America was up 8% sequentially (in the second quarter, compared with the first), at -357 million, despite the weakened Argentine peso and export duties recently put in place; -- Resilience to the Argentine environment enabled strong second-quarter operating cash flow of -1.18 billion (43% higher than in the first quarter and only 3% down year-on-year), -580 million above capital spending, despite a 10-year low...
Companies mentioned in this report are: Repsol-YPF S.A.,Gas Natural SDG, S.A.
Action: S&P Event
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