Moody’s Upgrades Repsol YPF’s Rating

Moody's rating agency has upgraded Repsol YPF's debt rating from stable to positive, basing this decision on the company's improved operating and financial performance, together with the evident economic recovery in Argentina. The agency has also raised YPF's debt outlook from stable to positive.

Further reasons for this move have been quoted as discipline in the debt reduction policy set in place by Repsol YPF in recent years; low operating costs which have placed the company in a strong financial position; a large capacity for cash flow generation, and excellent liquidity.

In addition, Moody's positively values the strategy for geographical diversity set in place by Repsol YPF to reduce exposure to Argentina, and points out that prospects for this country will make a further upgrading possible in the mid term.

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