Union Fenosa Finance B.V.'s €2 bil Medium-Term Note Program Rated 'A+/A-1' Apr 01

Standard & Poors, April 2001

Abstract
LONDON (Standard & Poor's CreditWire) April 6, 2001--Standard & Poor's today assigned its single-'A'-plus long-term senior unsecured and its 'A-1' short-term debt ratings to the €2 billion ($1.8 billion) medium-term note program issued by Union Fenosa Finance B.V., an issuing vehicle guaranteed by Union Electrica Fenosa S.A. (UEF; A+/Stable/A-1), a Spain-based vertically integrated electricity group. At the same time, the ratings on UEF were affirmed, and its outlook remains stable. The ratings reflect: -- The group's strong business profile as a vertically integrated utility, in a country with one of the EU's highest growth rates in demand for electricity; -- The ownership of a well-diversified generation portfolio with high availability rates; -- The stable and robust cash flows provided by...

Companies mentioned in this report are:
- Gas Natural Fenosa Finance B.V.
- Union Fenosa S.A.

Action: New Rating

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.

- Gas Natural Fenosa Finance B.V.
- Union Fenosa S.A.

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