S&P rates Gas Natural securities BB+

Standard & Poor's said it assigned its BB+ long-term issue rating to the proposed long-dated, optionally deferrable and subordinated hybrid capital securities to be issued by Gas Natural Fenosa Finance BV, a subsidiary of Gas Natural SDG SA (BBB/stable/A-2).

Gas Natural SDG will guarantee the securities.

The agency said it considers the proposed securities to have intermediate equity content until their first call date, which falls eight years after issuance, because they meet the hybrid capital criteria in terms of their subordination, permanence and optional deferability during this period.

S&P said it arrives at the BB+ issue rating on the proposed securities by notching down from its corporate credit rating on the guarantor, Gas Natural SDG.

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