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Naturgy Energy Group SA: Update following rating affirmation

Our credit view of Naturgy reflects its large scale and diversification, against its history of high shareholder remuneration.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy reflects its FFO/net debt in the low-20s in percentage terms, against its history of high shareholder remuneration and increasing cash flow leakage to minorities.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy reflects its improving leverage and history of high shareholder remuneration and increasing cash flow leakage to minorities.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy Energy Group SA reflects its business and geographical diversification, offset by a history of high shareholder remuneration and cash flow leakage to minorities.

Naturgy Energy Group SA: Naturgy to split into two listed companies wi...

Relatively high energy prices facilitate determining a debt allocation that would align the credit quality of the two new companies with that of Naturgy.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy reflects the high share or regulated earnings, offset by its debt push-down policy that increases subordination risk for holding company creditors.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy Energy Group, reflecting its earnings volatility and its debt push-down policy which increases subordination risk for holding company creditors.

Naturgy Energy Group SA: Chilean disposal would strengthen financial m...

Chilean electricity networks disposal is credit positive as it would enhance financial metrics while leaving the business risk profile broadly unchanged.

Naturgy Energy Group SA: Update to credit analysis

Our credit view of Naturgy Energy Group, reflecting its earnings volatility, constrained by its debt push-down policy, which increases subordination risk for holding company creditors.

Naturgy Energy Group SA: Update following rating affirmation

Our credit view of Naturgy, reflecting the implications of recent regulatory decisions in Spain and in Chile, LNG headwinds and higher dividend outflows.

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