Research Update: Spanish Gas Grid Operator Enagas 'AA-/A-1+' Ratings Placed On CreditWatch Negative Following Similar Action On Spain Dec 11

Standard & Poors, December 2011

Abstract
We placed our long- and short-term sovereign ratings on the Kingdom of Spain on CreditWatch with negative implications on Dec. 5, 2011. In accordance with our criteria for rating government-related entities and nonsovereign entities in the eurozone, we have placed our 'AA-/A-1+' long- and short-term corporate credit ratings on Spanish gas grid operator Enagas S.A. on CreditWatch with negative implications on Dec. 8, 2011. The CreditWatch placement mirrors that on the Republic of Spain and reflects our opinion that any deterioration in Spain's creditworthiness could have negative implications for the ratings on Enagas. As previously announced on Dec. 8, 2011, Standard & Poor's Ratings Services has placed its 'AA-' long-term corporate credit and senior unsecured debt ratings and its 'A-1+'...

Companies mentioned in this report are: Enagas S.A.
Action: On CreditWatch:Negative

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.

Enagas S.A.

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