Moody’s changes Gas Natural view to positive

Moody's Investors Service said it changed the outlook on the Baa2 ratings of Gas Natural SDG SA and its guaranteed subsidiaries to positive from stable.

Concurrently Moody's the agency affirmed the Baa2/Prime-2 issuer ratings of Gas Natural SDG, as well as the guaranteed Baa2 and provisional Baa2 debt ratings of Gas Natural Capital Markets SA and Gas Natural Fenosa Finance BV and the guaranteed Prime-2 short-term rating of Gas Natural Fenosa Finance BV.

The outlooks for all ratings are now positive.

Moody’s said the outlook change recognizes the reduced risk of substantial cuts to its gas distribution revenues following publication of Royal Decree Law 8/2014 (RDL 8/2014). In combination with the group's strategic focus on organic growth and deleveraging, the positive outlook reflects Moody's view that the group should be able to extend its track record of gradually strengthening its financial profile to levels consistent with a Baa1 rating.

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