Gas Natural's Outlook Revised to Stable From Negative Following Reduction of Repsol's Stake May 02
- ID: 1712340
- May 2002
- Standard & Poors
PARIS (Standard & Poor's) May 16, 2002--Standard & Poor's said today that it has revised its outlook on Spanish utility Gas Natural SDG, S.A. to stable from negative, after the decision of parent Repsol-YPF S.A. (BBB/Negative/A-3) to reduce its stake in Gas Natural to 24%, from 47%. At the same time, the single-'A'-plus long-term and 'A-1' short-term corporate credit ratings on Gas Natural have been affirmed. "The outlook change reflects reduced interference risk stemming from Repsol-YPF on Gas Natural's credit quality," said Standard & Poor's credit analyst Karl Nietvelt. As a 24% shareholder, Repsol-YPF will no longer be appointing the majority of board members. However, together with Caja de Ahorros y Pensiones de Barcelona (La Caixa; A+/Stable/A-1), Gas Natural's other...
Companies mentioned in this report are:
- Gas Natural SDG S.A.
- Repsol S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
Action: Outlook Revised
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.