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Compania Espanola de Petroleos, S.A.U. -- Moody's assigns Baa3 to Cepsa; stable outlook

In March 2018 Cepsa acquired a 20% stake in Abu Dhabi National Oil Company's offshore Sarb & Umm Lulu 40-year concession for USD1.5 billion, which will add a significant volume of 2P reserves to bring the current total portfolio to around 470 mmboe and improve the reserve life, thus materially strengthening the company's upstream operations. Moody's understands that as of end-February 2019 Cepsa reported around EUR300 million cash on balance sheet, supported by a number of committed facilities with a total availabilities of around EUR2.2 billion, mostly maturing in 2022 and 2024.