London, 12 March 2015 -- Moody's Investors Service has assigned a provisional (P)Ba1 long-term rating with a negative outlook to Repsol International Finance B.V.'s proposed multi-tranche Euro denominated Securities (the "Hybrids"). The rating is based on Repsol S.A.'s (Repsol) unconditional guarantee of the Hybrids on a subordinated basis in accordance with their terms.
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