Galp Energia - Short-term Rating Report
Our rating is supported by Galp’s scale of operations as an integrated oil & gas company with strong market share in downstream activity in Portugal as well as a presence in Spain. The refining & mar-keting (R&M) segment generates strong free cashflow, alongside the gas & power (G&P) segment. Explora-tion & production (E&P) is using cashflow for the development of oil production in Brazil. The impact of the low oil prices environment has been mitigated by a rebound of refining margins in Europe and low production costs in E&P. Galp’s net leverage decreased to 1.1x from 1.8x in 2Q16 on the back of the profitability in-crease and debt reduction arising from the deconsolidation of its regulated infrastructure business (GGND) in the second half of 2016.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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