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European rating agency. Objective, transparent, independent.

Naturgy Capital Markets, S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
n.r. 19.07.2024 24.07.2024 24.07.2024
BBB+ Outlook STA 24.01.2023 27.01.2023
BBB+ Watch UNW 14.07.2022 19.07.2022
BBB+ Outlook NEG 17.05.2021 20.05.2021
BBB+ Outlook STA 29.05.2020 08.06.2020
BBB+ Outlook STA 17.08.2018 24.08.2018

News

  • 24.07.2024
    Creditreform Rating AG (CRA) has withdrawn the rating. The reasons for the withdrawal can be found in the press release below.
  • 27.01.2023
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Naturgy Energy Group, S.A. as well as the unsolicited corporate issuer ratings of Naturgy Finance B.V. and Naturgy Capital Markets, S.A. at BBB+. Creditreform Rating has also affirmed the unsolicited corporate issue ratings of the long-term local currency senior unsecured notes issued by Naturgy Finance B.V. and Naturgy Capital Markets, S.A. at BBB+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings changed to stable from Watch UNW (Watch Uncertain). For more details regarding the ratings, please refer to our rating report below.
  • 19.07.2022
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of Naturgy Energy Group, S.A. as well as the unsolicited corporate issuer ratings of Naturgy Finance B.V. and Naturgy Capital Markets, S.A. at BBB+ and placed them on Watch UNW. Creditreform Rating has also affirmed the unsolicited corporate issue ratings of the long-term local currency senior unsecured notes issued by Naturgy Finance B.V. and Naturgy Capital Markets, S.A. at BBB+ and placed them on Watch UNW. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. For more details regarding the ratings, please refer to our rating update report below.
  • 20.05.2021
    Creditreform Rating has confirmed the unsolicited corporate issuer rating of Naturgy Capital Markets, S.A. at BBB+ and changed the outlook from stable to negative. Naturgy Capital Markets, S.A.'s activity is the provision of financial activities to the Naturgy Energy Group, S.A. Due to the financial-, liability and corporate law relationship to the Naturgy Energy Group, S.A. the unsolicited corporate issuer rating of Naturgy Capital Markets, S.A. equates with the unsolicited corporate issuer rating of Naturgy Energy Group, S.A., which is BBB+ / negative.
  • 08.06.2020
    Creditreform Rating has confirmed the BBB+ unsolicited rating of Naturgy Captal Markets, S.A. The stable outlook remains in place. The rating assessment is derived from the unsolicited corporate issuer rating of the parent company Naturgy Energy Group, S.A. (BBB+ / stable) due to corporate and liability laws as well as financial and strategic interdependencies. The rating result reflects the Group´s scale, its geographical and product diversification, as well as high proportion of regulated and contracted activities - reflected in a large proportion of stable and predictable cash flows. The Company has a solid earnings capacity and strong financial metrics, which have improved in the course of the implementation of the cost efficiency program introduced in 2018. Naturgy´s proved access to financial markets, solid liquidity, controlled investment policy and commitment to financial discipline underpin our rating assessment. However, a significant part of Naturgy´s business remains negatively affected by volatile power demand and prices. The Company´s generous dividend policy, with envisaged further annual increase in distribution payments and share buyback program, particularly against the backdrop of the overall economic slowdown resulting from the COVID-19 pandemic, coupled with a drop in energy demand and aggravated counterparty and liquidity risks, have a dampening effect on the rating.
  • 24.08.2018
    Creditreform Rating has carried out an unsolicited rating of Naturgy Capital Markets, S.A. The rating has been set to BBB+ with stable outlook.