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Naturgy Energy Group, S.A.: Rising shareholder remuneration, but group...

Naturgy's new Strategic Plan 2018-22 increases shareholder payout, but asset disposal proceeds give it flexibility to accommodate this

Gas Natural SDG, S.A.: Update of Key Credit Drivers

Update of key credit drivers following full year 2017 results' publication and prior to strategic plan update expected later in H1 2018

Please Change Name Helen Francis
  • Please Change Name Helen Francis

Gas Natural SDG, S.A.: Disposal of Italian assets in line with strateg...

INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 18 October 2017 RATINGS Gas Natural SDG, S.A. LT Issuer Rating (domestic) Baa2 Outlook Stable Source: Moodys.com KEY METRICS: Gas Natural SDG, S.A. 2014 2015 2016 (FFO + Interest) / Interest 4.8x 4.9x 5.1x FFO / Net Debt 15.6%

Please Change Name Helen Francis
  • Please Change Name Helen Francis

Gas Natural SDG, S.A.: Key Credit Drivers

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 2 August 2017 Update RATINGS Gas Natural SDG, S.A. Domicile Spain Long Term Rating Baa2 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Helen Francis 44-20-7772-5422 VP-Sr Credit Offic

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