Repsol YPF

Credit ratings history

Credit rating agencies	Date	Short term	Long term
Fitch Ratings	28 Mar 2006	F2	BBB+
Standard & Poor's	27 Feb 2006	A-2	BBB+
Standard & Poor's	26 Jan 2006	A-2	BBB+
Fitch Ratings	26 Jan 2006	F2	BBB-
Moody's	26 Jan 2006	P-2	Baa1
Fitch Ratings	21 Jun 2005	F2	BBB+
Standard & Poor's	19 Jan 2004	A2	BBB

Rating of Repsol YPF

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

                              Definitions used by credit rating agencies

The ratings may be revised, suspended or withdrawn at any time by credit ratings agencies.