Fitch revises Repsol outlook to stable

Fitch Ratings said it revised the outlook on Repsol SA's long-term issuer default rating to stable from positive and affirmed the issuer default rating at BBB.

The outlook revision follows Repsol's recently planned acquisition of all common shares in Canada's Talisman Energy Inc. (BBB-/stable) for $8.3 billion in cash. The acquisition is subject to approval by Talisman's shareholders, governmental agencies including Investment Canada and third-party consents. Repsol is planning to use cash on hand and proceeds from the hybrid bond to fund this acquisition and expects to close it by mid-2015.

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