Cepsa has received credit ratings from S&P Global and Fitch Ratings that remain in the investment grade category, with S&P Global upgrading its outlook to Stable and Fitch reaffirming a Stable outlook for the group as part of their annual review. These actions reflect recognition of Cepsa’s solid business profile and financial strength, supported by a positive market environment and expectations of improved financial results. S&P subsequently shifted Cepsa’s rating outlook from Negative to Stable, citing favorable market conditions, anticipated earnings growth, and a resilient financial policy; Fitch reaffirmed Cepsa’s long-term issuer rating at BBB-, underscoring a diversified business model and a strong Iberian market position. These updates collectively signal confidence in Cepsa’s ability to fund strategic initiatives and navigate market cycles while maintaining prudent leverage.
The improved perspectives from S&P and Fitch acknowledge the company’s robust balance sheet, effective capital management, and a market backdrop conducive to continued earnings strength. Moody’s rating remains at Baa3 with a Stable outlook, reinforcing an investment-grade standing across the rating agencies.
In 2023, Cepsa closed with a net debt of 2.291 billion euros, a meaningful reduction from 2022’s 2.756 billion euros driven by strong free cash flow generation. The company also sustained a comfortable debt-to-EBITDA ratio, which helps limit risk across the business and preserves flexibility to respond to changing market conditions. Liquidity remained ample, with cash and undrawn facilities totaling 4.400 billion euros, providing coverage for obligations through 2028.
Carmen de Pablo, the chief financial officer and head of Strategy and ESG, noted that the adjusted outlook to Stable from S&P and the reaffirmation by Fitch reflect the company’s strategic trajectory, earnings prospects, and solid financial policy. She highlighted Cepsa’s capacity to execute key projects in sustainable aviation fuel, green hydrogen, and rapid electric vehicle charging, reinforcing a commitment to sustainable development. The company aims to preserve an investment-grade credit rating while advancing an energy transition through its Positive Motion strategy, implementing a robust plan to support strategic investments.
Cepsa has earned ESG recognition across the sector from agencies such as S&P Global, Moody’s, and Sustainalytics, recognizing its commitments and achievements in environmental, social, and governance areas. In 2023, the company reached substantial milestones toward its 2030 emissions target, progressing toward a 55% reduction in Scope 1 and 2 emissions and advancing a 2025 goal to cut freshwater withdrawal by 20%. It also moved closer to its objective of achieving a minimum of 30% female representation in leadership roles by 2025.
As a globally active energy and mobility company, Cepsa emphasizes a broad technical legacy and a growing sustainable chemicals business, aiming to lead in cleaner mobility and energy solutions. The 2030 strategic plan, Positive Motion, envisions leadership in sustainable mobility, biofuels, and green hydrogen in Spain and Portugal, while positioning the group as a benchmark in the energy transition. Customer-centricity underpins its operations, with a collaborative approach to help clients advance their decarbonization goals. ESG criteria guide all actions, fueling progress toward a positive net impact.
During this decade, the company targets a 55% reduction in Scope 1 and 2 emissions and a 15–20% improvement in the carbon intensity of its energy products, with the broader objective of achieving net-zero emissions by 2050. These efforts reflect Cepsa’s commitment to responsible growth and its belief that sustainable performance and shareholder value go hand in hand.