Research Update: Spanish Oil & Gas Co Repsol-YPF Outlook Now Pos On Better Reserve Profile, Balance-Sheet Strength; Affirmed At 'BBB/A-2' Mar 11

Standard & Poors, March 2011

Abstract
We believe Spain-based integrated oil and gas company Repsol-YPF has improved its reserve position and that future production growth is likely, given the number of projects currently being developed. The company also improved its financial position in 2010. We are revising our outlook on Repsol-YPF to positive from stable and affirming the ratings at 'BBB/A-2'. The positive outlook reflects the possibility of a one-notch upgrade within the next 12 months. On March 10, 2011, Standard & Poor's Ratings Services revised its outlook on Spain-based integrated oil and gas company Repsol-YPF S.A. to positive from stable. At the same time, we affirmed our 'BBB' long-term and 'A-2' short-term corporate credit ratings on Repsol-YPF, as well as the 'BBB' issue rating on...

Companies mentioned in this report are: Repsol-YPF S.A.,Repsol International Finance B.V.,Repsol International Capital Ltd.
Action: Affirmed
Action: Outlook: Positive

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Repsol-YPF S.A.,Repsol International Finance B.V.,Repsol International Capital Ltd.

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