Long-Term Local Currency Senior Unsecured Issues

Naturgy Capital Markets, S.A.

Rating	Watch	Outlook	Decision Date	Action Validity Date	Maximum Validity
BBB+		Outlook STA	29.05.2020	08.06.2020
BBB+			17.08.2018	24.08.2018

08.06.2020

Based on the unsolicited corporate issuer rating of Naturgy Capital Markets, S.A. (BBB+ / stable) Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by Naturgy Capital Markets, S.A. The rating objects in question are exclusively long-term senior unsecured issues denominated in euro, which have been issued by Naturgy Capital Markets, S.A. and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with BBB+ / stable.
24.08.2018

Based on the unsolicited corporate issuer rating of Naturgy Capital Markets, S.A. (BBB+/stable), Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by Naturgy Capital Markets, S.A. .
The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by Naturgy Capital Markets, S.A. and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with BBB+.