Spanish Utility Endesa 'A/A-1' Ratings Still On Watch Negative Following E.ON's Final Bid

Standard & Poors, February 2007

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
MADRID (Standard & Poor's) Feb. 8, 2007--Standard & Poor's Ratings Services said today that its 'A' long-term and 'A-1' short-term corporate credit ratings on Spanish utility Endesa S.A. remain on CreditWatch with negative implications following German energy utility E.ON AG's (AA-/Watch Neg/A-1+) final offer of -41 billion (equity cost) for the company, announced on Feb. 2, 2007. The ratings on Endesa have been on CreditWatch since Sept. 6, 2005, when Spanish utility Gas Natural SDG, S.A. (A+/Negative/A-1) made a -22.55 billion bid for a 100% stake in the company. On Feb. 21, 2006, E.ON announced a conditional all-cash -29.1 billion counterbid for up to 100% of the share capital. "The negative CreditWatch implications reflect the increased risk resulting from the...

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

Endesa S.A.,E.ON AG,Gas Natural SDG, S.A.

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