S&P affirms Gas Networks Ireland

S&P said it has affirmed its A/A-1 long- and short-term corporate credit ratings on Gas Networks Ireland and affirmed its A issue rating on the senior unsecured debt issued by the company.

The outlook is stable.

S&P said that it is now more certain that the company will maintain strong cash flow coverage ratios as the company has agreed its dividend payout policy with its shareholder, the Irish government.

The agency said its assessment of the company's business risk profile is underpinned by the company's monopoly position as the only gas transmission and distribution network operator in the natural gas market in the Republic of Ireland.

It also reflects that a significant proportion of the company's cash flows are stable and predictable as they stem from its low-risk regulated gas transportation and distribution network operations.

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