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European rating agency. Objective, transparent, independent.

Naturgy Energy Group, 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 17.05.2017 26.05.2017

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    Creditreform Rating AG (CRA) has withdrawn the rating.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 Energy Group, S.A. (Naturgy) at BBB+ and changed the outlook from stable to negative. The main reasons for the change in outlook are the negative impact on the company's business performance in 2020, which were affected by lower global energy demand and production cuts due to the COVID-19 pandemic. Macroeconomic developments which reflected a sharp decline in commodity prices, including gas and wholesale electricity prices, led to a drop in sales. In addition, impairment effects burdened consolidated earnings in the 2020 financial year. Moreover, Naturgy's business climate is negatively affected by the situation in the Latin American regions due to the ongoing economic uncertainties and the weak currency. Given the company's strong position in its relevant geographic markets and its diversified, systemically relevant business model, we confirm the rating of Naturgy at BBB+. The Company´s solid financial figures and good access to the capital market also provide a good basis for coping with potential challenges.
  • 08.06.2020
    Creditreform Rating has confirmed the BBB+ unsolicited corporate issuer rating of Naturgy Energy Group, S.A. The stable outlook remains in place. The rating result of Naturgy Energy Group, S.A. reflects its 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.
  • 26.05.2017
    Creditreform Rating has carried out an unsolicited rating of Gas Natural SDG, S.A. The rating has been set to BBB+/stable.

    Within the framework of the new strategic plan 2018-2022, Gas Natural SDG, S.A. changed its name into Naturgy Energy Group, S.A. since 27 June 2018. The current rating of former Gas Natural SDG, S.A. will be pursued by Creditreform Rating AG under the name Naturgy Energy Group, S.A.