The credit rating agency Moody�s has recently published a report confirming the credit ratings it had previously assigned to Repsol, Aa3 for senior unsecured debt, P-1 for Commercial Paper and "aa3" for Preference Stock. The Commercial Paper rating is the same as that of the Kingdom of Spain and the senior unsecured is one notch below.

The rating assigned to Repsol is at the same level as that assigned by Moody�s to the leading international oil companies.

During the first half of 1998, Repsol obtained a net income of 74,129 million pesetas, showing an increase of 20.3% in comparison to the same period in 1997..