S&P downgrades Enagas

S&P said it downgraded Enagas SA and its subsidiary, Enagas Transporte SAU, to BBB+ from A-.

The stable outlook reflects a view of management's commitment to restore its adjusted FFO-to-debt to higher than 15% from 2021, with any additional investments offset by significant credit remedy measures, S&P said.

The downgrades reflect an expectation that Enagas's business and financial profiles will weaken as a result of the proposed acquisition from Blackstone of a 30% stake in a newly created investment vehicle that will control 44% of Tallgrass Energy Partners LP, the agency said.

S&P said it anticipates the acquisition will occur in two phases and total about $673 million.

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