Summary: Enagas S.A.
- ID: 1714150
- January 2011
- Standard & Poors
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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.
The ratings on Spain's gas infrastructure company Enagas are based on its stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses as 'aa-'. They also factor in our opinion that there is a "moderate" likelihood that the Spanish government (Kingdom of Spain, AA/Negative/A-1+) would provide timely and sufficient extraordinary support to Enagas in the event of financial distress. Enagas is Spain's gas system operator and the owner of almost all the country's high-pressure transportation pipeline network, liquefied natural gas (LNG) storage, and regasification facilities. We consider Enagas to be a government-related entity (GRE). In accordance with our criteria for GREs, we base our view of a "moderate" likelihood of extraordinary government support for Enagas on our assessment of...
Companies mentioned in this report are: Enagas S.A.
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