Moody's changes Cepsa view to stable

Moody's Investors Service said it changed the outlook on Compania Espanola de Petroleos, SAU (Cepsa) and Cepsa Finance, SAU to stable from negative. Concurrently Moody's affirmed Cepsa's Baa3 long term issuer rating as well as the Baa3 bonds issued by Cepsa Finance.

“Today's affirmation with a stable outlook reflects the rating agency's expectation that Cepsa will be willing and able to maintain its credit metrics in line with a Baa3 rating in the next 12-18 months, such as Moody's adjusted RCF/net debt above 25%, which it has already largely achieved for the period of 12 months to June 2021 after delivering relatively strong results in the second quarter of 2021,” the agency said in a press release.

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