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Gas Natural SDG, S.A.
Standard & Poors, Oct 2003
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: Full Analysis
Abstract
Significant share of low-risk regulated gas distribution activities in Spain; Strong competitive position in natural-gas supply as Spain's incumbent operator, thanks to the Maghreb pipeline, a flexible liquefied natural gas (LNG) fleet, and access to a competitive gas contract portfolio; Continued strong growth outlook for Spanish gas and electricity demand; Strong free cash flow generation capacity; and Substantial financial flexibility following the partial disposal of Enagas. Growth-focused strategy and reinvestment risk associated with the Enagas sale proceeds; Rising share of Latin American gas distribution assets and of riskier Spanish gas-fired generation investments; and Exposure to take-or-pay obligations under gas import contracts and to political instability in Algeria, one of the principal sources of gas imports for Gas Natural and Spain...
Companies mentioned in this report are: Gas Natural SDG, S.A.,Gas Natural Finance B.V.
Action: Review
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