PARIS (Standard & Poor's CreditWire) June 25, 1999--Standard & Poor's today lowered its ratings on Repsol S.A. and related entities. At the same time, the ratings were removed from CreditWatch, where they had been placed with negative implications on Jan. 21, 1999, when Repsol acquired 15% of YPF Sociedad Anonima (YPF). The outlook is negative. This rating action follows Repsol's announcement on June 24, 1999, of the acquisition of an additional 83.2% of YPF shares. The ratings on YPF and Repsol's subsidiary, ASTRA Compania Argentina de Petroleo S.A. (Astra), remain on CreditWatch with positive implications, where they were placed on May 3, 1999. (See list below for all rating actions). Standard & Poor's will soon review the impact of the...
Companies mentioned in this report are:
- Repsol S.A.
- Repsol International Finance B.V.
- YPF S.A.
- ASTRA Compania Argentina de Petroleo S.A.
- Repsol International Capital Ltd.
- Gaviota Re S.A.
Action: Downgraded, Off CreditWatch
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Research type: News
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