S&P rates Repsol notes BB

Standard& Poor’s said it assigned a long-term issue rating of BB to the proposed multi-tranche euro-denominated securities to be issued by Repsol International Finance BV.

The securities benefit from a subordinated guarantee from Repsol SA.

After the closing of the Talisman acquisition, the agency said it considers that the proposed securities will have intermediate equity content until their first call date because the notes will meet the hybrid capital criteria in terms of their subordination, permanence and optional deferability during this period.

The rating on the securities was notched down from Repsol’s BBB- corporate credit rating, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.