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Bulletin: Repsol-YPF Rating Unchanged By $7.1 Bil. Capital Increase Of Repsol Brazil By Sinopec
Standard & Poors, Oct 2010
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
STOCKHOLM (Standard & Poor's) Oct. 4, 2010--Standard & Poor's Ratings Services said today that its ratings on Spain-based Repsol-YPF S.A. (BBB/Stable/A-2) are unaffected for the time being following the company's announcement of a major capital increase at subsidiary Repsol Brazil. In the transaction, China Petroleum & Chemical Corp. (Sinopec, A/Stable/--) will subscribe to 40% of the shares in Repsol Brazil for a $7.1 billion consideration. We expect the transaction to be supportive of the ratings as Repsol-YPF S.A.'s net debt will be reduced, at least temporarily by its share of the proceeds (at least $4.2 billion). It also points to prudent pre-financing of future capital spending. At this point we do not rule out the possibility that the transaction could...
Companies mentioned in this report are: Repsol-YPF S.A.,Gas Natural SDG, S.A.
Action: Bulletin
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