S&P affirms Gas Natural

S&P said it affirmed its BBB/A-2 long- and short-term issuer credit ratings on Gas Natural SDG SA.

The outlook is stable.

The agency also affirmed the BBB issue rating on Gas Natural's senior debt and the BB+ issue rating on the two hybrid capital instruments issued by Gas Natural Fenosa Finance BV and guaranteed by Gas Natural.

S&P said the affirmations follow Gas Natural's weak 2017 results, which were below the agency’s estimates.

The agency said it notes uncertainty stemming from the regulatory resets in Spain for electricity in December 2019 and for gas in December 2020, applicable to 2020 for electricity and 2021 for gas.

“Repsol's recent sell of its 20% stake in Gas Natural to private equity group CVC could create more uncertainty around the company's strategy and shareholder remuneration,” S&P said in a news release.

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