Fitch lowers Enagas to stable

Fitch Ratings said it revised Enagas SA’s outlook to stable from positive and affirmed its long-term issuer default rating at A-.

The agency also affirmed the company’s short- term issuer default rating at F2, senior unsecured rating at A- and the F2 rating on its €1 billion ECP.

Enagas Transportes, SAU’s long-term issuer default rating also was affirmed at A- and senior unsecured rating at A-. Its outlook also was revised to stable from positive.

Enagas Financiaciones, SAU’s senior unsecured guaranteed notes also were affirmed at A-.

The outlook revision reflects the adverse impact of the changes implemented by the government in July 2014 to the regulatory framework for the Spanish gas sector, Fitch said.

The agency also said it believes that the company’s ability to offset the regulatory impact through operational efficiencies and higher dividend inflow is limited, assuming no impact from the upcoming fiscal reform.

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