London, 19 December 2014 -- Moody's Investors Service affirmed Repsol S.A.'s Baa2 Issuer Rating and the Baa2/(P)Baa2 senior unsecured long-term debt and P-2/(P)P-2 short term ratings of its guaranteed subsidiary, Repsol International Finance B.V., in response to Repsol's announcement that it would acquire Talisman Energy Inc. (Talisman) for $8.3 billion. The rating outlook is changed to negative. Separately today, Moody's also affirmed Talisman's Baa3 long-term debt and Prime-3 commercial paper ratings, and changed the outlook to negative.
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