Repsol YPF

Credit ratings

Investment grade ratings STANDARD&POORS Short term Long term A-1+ AAA AA+ AA AA- A-1 A+ A A- A-2      BBB+ A3 BBB    BBB- Last modification 20th jul 2006     FITCH Short term Long term F1+ AAA AA+ AA AA- F-1 A+ A F2      A2 BBB+      F3 BBB BBB- Last modification 12th Sep 2007   MOODY'S Short term Long term P-1 Aaa Aa1 Aa2 Aa3 A1 A2 P-2  A3 Baa1  P-3 Baa2 Baa3 Last modification 26th Jan 2006

Rating of Repsol YPF

"Positive Outlook"   Stable   "Negative Outlook"   "Credit watch" with negative expectations

• Definitions used by credit rating agencies
• Credit rating history          

The ratings may be revised, suspended or withdrawn at any time by credit ratings agencies.