Standard & Poor�s have revised their ratings on Repsol YPF, up-grading the outlook from negative to stable and affirming its current credit ratings at "A 2" for short term credit and "A -" for long term credit.

This improved credit outlook, in Standard & Poor�s opinion, reflects the better prospects for reduction of Repsol YPF�s financial debt, successful cost reduction initiatives, and the company�s resolute implementation of its $2.5 billion asset disposal programme.