Research Update: Spanish Utility Iberdrola S.A. 'A+/A-1' Ratings Remain On CreditWatch Negative After E.ON News Feb 06

Standard & Poors, February 2006

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On Feb. 23, 2006, Standard & Poor's Ratings Services said that its 'A+' long-term and 'A-1' short-term corporate credit ratings on Spanish utility Iberdrola S.A. remain on CreditWatch with negative implications, where they were placed on Sept. 6, 2005, following Gas Natural SDG, S.A.'s -22.55 billion bid for a 100% stake in Spanish utility Endesa S.A. (A/Watch Neg/A-1) and its agreement to a subsequent sale of an estimated -7 billion--9 billion in assets to Iberdrola. On Feb. 21, 2006, Gas Natural announced that its offer for Endesa remains unchanged and on track, despite the competing bid launched by German utility E.ON AG (AA-/Watch Neg/A-1+). E.ON AG announced a conditional all-cash offer for up to 100% of Endesa for a consideration...

Companies mentioned in this report are: Iberdrola S.A.,Endesa S.A.,Gas Natural SDG, S.A.
Action: CreditWatch Update
Action: On CreditWatch:Negative

Iberdrola S.A.,Endesa S.A.,Gas Natural SDG, S.A.

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