Repsol can be trusted to keep debt down, say analysts
The bond market has reacted with equanimity to Repsol YPF’s decision to spend €2.572bn buying 10% of its shares from Sacyr Vallehermoso, the struggling Spanish construction company. Repsol hopes to find a strategic investor to buy the shares, which it is buying with cash on hand and using undrawn credit lines, according to Fitch.
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