Fitch gives Gas Natural hybrids BBB-

Fitch Ratings said it assigned Gas Natural Fenosa Finance BV's proposed deeply subordinated hybrid securities an expected rating of BBB-(EXP).

The proposed securities qualify for 50% equity credit.

The proposed notes will be unconditionally and irrevocably guaranteed by Gas Natural SDG, SA (Gas Natural, BBB+/stable) on a subordinated basis.

Fitch said the proposed notes are rated two notches below Gas Natural's long-term issuer default rating given their deep subordination and consequently, the lower recovery prospects in a liquidation or bankruptcy scenario relative to the senior obligations of the issuer and guarantor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.