...PARIS (S&P Global Ratings) Oct. 16, 2017--S&P Global Ratings said today that its ratings and outlook on Spanish gas utility Gas Natural SDG S.A. (###/Stable/A-2) are unaffected by the company's announcement of the sale of its gas distribution and supply assets in Italy. The gas distribution assets have been sold to 2i Rete Gas for 727 million, while the gas supply assets have been sold to Edison SpA for 293 million. The sale of the Italian gas assets should be finalized in the first quarter of 2018, after regulatory approval. The overall transaction represents an enterprise value of 1,020 million, corresponding to an equity value of 759 million, taking into account total net debt and minorities, and should generate a post-tax capital gain of 190 million for Gas Natural. Overall, the transaction should increase the group's financial flexibility, although the sale also marginally weakens our assessment of Gas Natural's business risk profile since the Italian gas distribution assets represented...
