Moody’s gives Gas Natural Fenosa debt Ba1

Moody's Investors Service said it assigned a definitive Ba1 long-term rating to the €1 billion undated eight-year non-call securities issued by Gas Natural Fenosa Finance BV.

Gas Natural SDG, SA guarantees the notes on a subordinated basis.

The outlook is stable.

Moody’s said the Ba1 rating assigned to the hybrid is two notches below Gas Natural Fenosa's Baa2 senior unsecured ratings. This two-notch differential reflects: (a) The unconditional and irrevocable guarantee given by Gas Natural SDG in favor of the hybrid debtholders on a subordinated basis; and (b) the features of the hybrid. This security is a perpetual, deeply subordinated hybrid, and Gas Natural SDG can opt to defer coupons on a cumulative basis.

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