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BULLETIN: Repsol-YPF S.A. Ratings, Outlook Unchanged On Gas Natural's Takeover Bid For Endesa
Standard & Poors, Sep 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.
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
PARIS (Standard & Poor's) Sept. 6, 2005--Standard & Poor's Ratings Services said today that its ratings and outlook on Spanish integrated oil and gas company Repsol-YPF S.A. (BBB+/Stable/A-2) remain unchanged following the announcement by its 30.85%-owned downstream-gas affiliate Gas Natural SDG, S.A. of a takeover bid for Endesa S.A. We expect Repsol not to increase its investment in Gas Natural, and possibly to gradually reduce it, which would somewhat enhance the company's financial flexibility at the 'BBB+' rating level. In any event, the shareholder agreement with 'la Caixa' as well as strategic midstream-gas joint-venture activities with Gas Natural are expected be maintained. Gas Natural is Spain's largest natural-gas importer and a key offtaker for Repsol's growing liquefied natural gas (LNG)...
Companies mentioned in this report are: Repsol-YPF S.A.,Endesa S.A.,Gas Natural SDG, S.A.
Action: Bulletin
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