S&P affirms Gas Natural

Standard & Poor's said it affirmed its BBB/A-2 long- and short-term corporate credit ratings on Gas Natural SDG SA. The outlook remains stable.

S&P also affirmed the BBB issue credit rating on the senior debt and BB+ issue credit rating on the two hybrid capital instruments issued by Gas Natural Fenosa Finance BV and guaranteed by Gas Natural.

The affirmation reflects S&P’s revised assessment of the equity content of Gas Natural's hybrid capital to intermediate from minimal following Gas Natural's announcement that it has, by a legally binding deed of undertaking, unconditionally and irrevocably undertaken not to exercise a certain call option for the €1 billion and the €500 million hybrids related to a “capital event” appearing in the hybrid's documentation.

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