...Compania Espanola de Petroleos, S.A.'s (Moeve) Long-Term Issuer Default Rating (IDR) of 'BBB- ' is supported by a diversified business profile and a strong market position in Iberia. The rating is constrained by the company's smaller size and less diversified upstream and downstream divisions than some peers, considerable exposure to the downstream sector in Europe and volatile refining margins. Matador Bidco S.a.r.l's (Matador) 'BB' rating reflects good credit quality supported by dividends from an investment-grade credit (38.41% stake in Moeve), but is constrained by its reliance on a single investment....
