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UTILITIES: Spanish Gas Utilities: S&P Outlook Negative

UTILITIES
BulletCredit Bullets
  • Yesterday S&P put gas distributors Madrilena, Redexis and Nortegas on outlook negative with the next regulatory period less than two years away. They need to show stabilising earnings, at least, under a more favourable regime. Downgrades may follow should that not materialises.
  • Business risk is seen weakening gradually under the regulatory backdrop, with exposure to declining fossil fuel usage.
  • It wants to see FFO/debt trending close to 12% by FY26. Capex reduction is not an option given that would lower growth trajectories. Dividends have already been cut, and costs are well managed. Therefore, ratings hinge mainly on the next regulatory framework.
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  • Yesterday S&P put gas distributors Madrilena, Redexis and Nortegas on outlook negative with the next regulatory period less than two years away. They need to show stabilising earnings, at least, under a more favourable regime. Downgrades may follow should that not materialises.
  • Business risk is seen weakening gradually under the regulatory backdrop, with exposure to declining fossil fuel usage.
  • It wants to see FFO/debt trending close to 12% by FY26. Capex reduction is not an option given that would lower growth trajectories. Dividends have already been cut, and costs are well managed. Therefore, ratings hinge mainly on the next regulatory framework.