Moody’s upgrades Enagas to Baa1

Moody's Investors Service said it upgraded Enagas SA’s long-term issuer rating and Enagas Transporte, SA’s senior unsecured debt rating to Baa1 from Baa2.

At the same time, the agency affirmed the short-term issuer rating for Enagas at P-2.

The outlook is stable.

Moody’s said the action reflects its view that Enagas will maintain a solid financial profile and a prudent approach to additional international investments, set against a rather settled regulatory environment out to 2020 and supported by a more stable macroeconomic environment in Spain with sound prospects for gas demand.

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