08 June 2012 17:44 [Source: ICIS news]
LONDON (ICIS)--Fitch has downgraded its credit ratings for Spain's energy and chemicals major Repsol because of the recent YPF expropriation in ?xml:namespace>
Fitch said that Repsol may not receive any cash compensation from the
In addition, Repsol’s downstream business, which is at the core of the company’s operations in
As such, macroeconomic headwinds in
Fitch cut Repsol’s ratings from “BBB” to “BBB-“, with a negative outlook. The ratings’ upside potential is currently limited but may improve should Repsol divest some non-core assets, Fitch said.
“Fitch currently views eurozone macroeconomic risks as rising, rather than abating,” it added. Earlier on Friday, the agency already downgraded
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