Repsol hangs in the balance


A sword of Damocles is hanging over Spanish oil and gas company Repsol, as it waits to see how badly its balance sheet has been damaged by exposure to Argentina. In the meantime, the market has responded by trading the company’s bonds at junk level and, with the prospect of a rating downgrade looking increasingly likely, Repsol’s position is looking precarious.

Moody’s downgraded Repsol last December to Baa1, and placed the company on review for further downgrade. Last month, Standard & Poor’

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