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Summary: Gas Natural SDG, S.A.
Standard & Poors, Jan 2005
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The ratings on Gas Natural SDG, S.A., Spain's principal gas utility, are based on its low-risk regulated domestic gas distribution activities, complemented by a strong competitive position in gas supply and a strong financial profile. A large client base, together with ownership of the Europe-Maghreb pipeline and access to liquefied natural gas (LNG) vessels mitigate large long-term contractual take-or-pay obligations. These strengths are offset by the group's growth-oriented strategy, including an increasing share of non-regulated activities, such as electricity generation in Spain (and--in the longer term-- upstream gas investments), and a material--albeit diversified--presence in Latin America, a higher risk market. Gas Natural's target for 2008 is to have more than doubled the EBITDA of -1.2 billion it achieved in 2003,...
Companies mentioned in this report are: Gas Natural SDG, S.A.
Action: Review
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