S&P affirms Galp Gas

S&P said it affirmed its BBB- long-term corporate credit rating on Galp Gas Natural Distribuicao SA.

The outlook is stable.

The agency said the affirmation follows the company’s sustained financial performance in the first half of 2017.

“The new three-year regulatory period for gas distribution ending June 2019 led to the lowering to 6.2% (from 7.94%) of its rate of return for the previous regulatory year,” S&P said in a news release.

“This was as we expected but led FFO to debt to decrease to 9.7% (from 10.9% in 2015) while debt to EBITDA increased to 6.2x, from 5.1x in 2015.”

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