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BULLETIN: Outlook Revision for Gas Natural's Parent Company
Standard & Poors, Jan 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's today left unchanged its outlook on Gas Natural (A+/Stable/A-1), despite the outlook revision to negative from stable of its 47%-owner Repsol-YPF S.A. (BBB+/Negative/A-2) following the continued deterioration in the Argentinian operating environment. While the weakening of its largest shareholder's creditworthiness can increase interference risk through asset transfers or upstreaming of cash, Standard & Poor's currently views such risks as slight, given: -- The balancing role of Gas Natural's other strategic, 26% shareholder, La Caixa; -- The absence of overlap between Gas Natural's gas transport and supply businesses and Repsol-YPF's activities; -- The disincentive for Repsol-YPF to leverage Gas Natural, since the latter is fully consolidated in its accounts; and -- The substantial financial flexibility embedded in Gas...
Companies mentioned in this report are: Gas Natural SDG, S.A.,Repsol-YPF S.A.
Action: S&P Event
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