...Outlook Stabilised: Fitch Ratings revised the Outlook on Repsol SA's Long-Term Issuer Default Rating (IDR) to Stable from Positive and affirmed the IDR at `BBB' on 22 December 2014. This follows Repsol's announced acquisition of all common shares in Canada's Talisman Energy Inc. (Talisman, BBB-/Stable) for USD8.3bn in cash. Expected to close by mid-2015, the deal is subject to approval by Talisman's shareholders, by governmental agencies and by third parties. Repsol will use cash and the issue of hybrid bonds to finance the acquisition. Stronger Upstream: Post-closing, Repsol's upstream will be focused on assets in OECD countries. Its daily output of about 700 thousand barrels of oil equivalent per day (mboepd) in 2015 will exceed OMG AG's (A-/Stable) and BG Energy Holdings Ltd.'s (A-/Negative). Its combined proved reserves (1P) are estimated at 2.4bn barrels of oil equivalent (boe) and proved and probable (2P) reserves ¡ at 3.5bn boe. Repsol calculates that upstream will account for nearly...
