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BULLETIN: Repsol Ratings, Outlook Unchanged Following Gas Natural's Bid For Iberdrola Mar 03
Standard & Poors, March 2003
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 Repsol-YPF S.A. (Repsol; 'BBB/Negative/A-3') remain unchanged, following the placement of the 'A+' long-term corporate credit rating on Gas Natural SDG, S.A. (GN) on CreditWatch with negative implications on March 10, 2003. The rating action on GN reflects the company's announcement of its public offer to acquire Iberdrola S.A. (Iberdrola; 'A+/WatchNeg/A-1'). Repsol reduced its interest in GN during the first half of 2002, and now holds a 24% share in the company. Standard & Poor's believes that Repsol will not materially increase its investment in GN as part of the latter's public offer. It is also expected that the existing business relationship between the two companies (GN offtakes...
Companies mentioned in this report are: Repsol-YPF S.A.,Iberdrola S.A.,Gas Natural SDG, S.A.
Action: S&P Event
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