Fitch puts Spanish gas companies on watch

Fitch Ratings said it placed all Spanish gas networks and integrated utilities with sizeable exposure to gas regulated activities in Spain on rating watch negative, including Enagas SA (A-), Naturgy Energy Group SA (BBB) and Madrilena Red de Gas, SA (BBB-).

The agency said the actions follow the release on July 5 of four draft circulars by the Spanish regulator, Comision Nacional del Mercado y la Competencia (CNMC), including the new remuneration principles for gas transport, regasification and distribution activities for the period January 2021 to December 2026.

The agency said that the draft circulars include a significant methodology change leading to materially lower revenues allowed for the period 2021 to 2026 than Fitch had previously expected and higher regulatory scrutiny.

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