20-Nov-2024 01:00 HKT

Annual Review For Enagas S.A.

S&P Global Ratings has performed annual reviews of the credit ratings of this issuer. When applicable, this review would include the review of the issuer’s subsidiaries or associated entities. In an annual review, S&P Global Ratings reviews current c...

31-Jul-2024 16:38 HKT

Enagas Upgraded To 'BBB+' After Sale Of 30.2% Stake In Tallgrass Energy; Outlook Stable

Enagas has announced that it will allocate the proceeds of the sale of its 30.2% stake in Tallgrass Energy Partners, LP for $1.1 billion (€1.0 billion) entirely to reduce leverage, thereby supporting a significant improvement of its credit metrics. A...

27-Jan-2022 03:07 HKT

Enagas Downgraded To 'BBB' From 'BBB+' On Prolonged Credit Metric Weakness; Outlook Stable

Reduced remuneration in Enagas' domestic transportation core activities and lower earnings from international assets have dented the group's credit quality. Enagas' ability to restore its credit metrics heavily depends on favorable outcomes of ongoin...

16-Nov-2021 02:04 HKT

ARCHIVE | Criteria | Corporates | Industrials: Key Credit Factors For The Midstream Energy Industry

This article describes S&P Global Ratings' criteria for analyzing midstream energy companies and applying our global corporate criteria. By "midstream energy," we mean companies that derive a majority of their revenue from the transporting, processin...

09-Feb-2021 17:24 HKT

Enagas S.A. Outlook Revised To Negative On Weak Financial Performance; Ratings Affirmed At 'BBB+/A-2'

We expect Enagas will post weaker-than-expected results over 2020-2022, primarily due to the interruption of dividends coming from its 30%-owned U.S.-based equity affiliate Tallgrass Energy Partners. We anticipate EBITDA will contract by 13%-14% in 2...

28-Nov-2019 16:00 HKT

Spanish Gas TSO Enagas Outlook Revised To Stable On Final Regulatory Determination, Despite Weakening Business Risk

On Nov. 7, 2019, Spanish regulator CNMC submitted its final proposal for remuneration of gas transmission and regasification activities. In it, the next regulatory period (2021-2026) should see a sharp revenue decline in 2026 of about 28% for transmi...

25-Jul-2019 23:57 HKT

Various Rating Actions Taken On Spanish Gas DSOs And TSOs Following Regulatory Proposal

On July 5, 2019, Spain's National Authority for Markets and Competition (CNMC) proposed a remuneration reform for the gas sector, with deeper-than-expected cuts over the 2021-2026 regulatory period for distribution system operators (DSOs) and transmi...

12-Mar-2019 04:48 HKT

Spain-Based Enagas Downgraded To 'BBB+' On Minority Stake Purchase Of Tallgrass Energy; Outlook Stable

Spanish gas transmission company Enagas S.A. has announced its intention to purchase a stake of about 30% in a newly created investment vehicle that will control 44% of Tallgrass Energy, for a total of about $673 million. In our view, although this i...

17-Jul-2017 23:37 HKT

Outlook On Spain-Based Enagas Revised To Negative On Weaker Credit Ratios And Riskier Expansion; 'A-' Rating Affirmed

Enagas' international expansion has been undermined by the Peruvian government's termination of the Gasoducto Sur Peruano concession, as well as risks associated with the construction of the Trans Adriatic Pipeline. The group also has limited headroo...

14-Oct-2015 00:43 HKT

Enagas Upgraded To 'A-' Following Upgrade Of Spain; Outlook Stable

We raised our long-term sovereign credit rating on Spain to 'BBB+' on Oct. 2, 2015, based on our view of improved competitiveness of the export and services sector, easier financial conditions, and better economic prospects. Under our criteria for ra...