Summary: Gas Natural SDG, S.A.

Standard & Poors, June 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.

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 Spanish utility Gas Natural SDG, S.A. are based on the group's low-risk regulated domestic gas distribution activities, which are complemented by a leading competitive position in gas supply and a strong financial profile. These strengths are offset by management's growth-oriented strategy and financial policy--as demonstrated by the bid for Spanish utility Endesa S.A. (A/Watch Neg/A-1)--and by the group's nonregulated activities and material presence in Latin America. Following its failed -22.55 billion hostile bid for a 100% stake in Endesa, Gas Natural has indicated that it will continue to develop both its liquefied natural gas (LNG) business in the Atlantic area and its gas distribution activities. Moreover, it plans to continue expanding its electricity business and integrating it...

Companies mentioned in this report are: Gas Natural SDG, S.A.
Action: Review

Gas Natural SDG, S.A.

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