TEXT-S&P summary: Gas Natural SDG S.A.

Tue Jan 8, 2013 7:07am EST

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(The following statement was released by the rating agency)

Jan 08 -

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Summary analysis -- Gas Natural SDG S.A. -------------------------- 08-Jan-2013

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CREDIT RATING: BBB/Negative/A-2 Country: Spain

Primary SIC: Natural gas

distribution

Mult. CUSIP6: 367205

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Credit Rating History:

Local currency Foreign currency

17-Dec-2010 BBB/A-2 BBB/A-2

20-Feb-2009 BBB+/A-2 BBB+/A-2

21-Feb-2008 A/A-1 A/A-1

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Issues:

Rating Rating Date

EUR813 mil fltg rate Tranche 5 bank ln due

08/07/2013 BBB 17-Dec-2010

EUR1 bil fltg rate snr unsecd bank ln due

03/24/2013 BBB 17-Dec-2010

EUR3 bil fltg rate snr unsecd bank ln due

03/24/2015 BBB 17-Dec-2010

Rationale

The ratings on Spanish power and gas company Gas Natural SDG S.A. (Gas Natural) reflect Standard & Poor's Ratings Services' view of the company's "strong" business risk profile and "significant" financial risk profile.

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