FRANKFURT (S&P Global Ratings) Nov. 18, 2020--S&P Global Ratings today said that the credit implications of Naturgy Energy Group S.A.'s asset rotation program will depend on future capital allocation, which will shape the long-term business mix of the group. We are also monitoring financial policy, which could be tailored to new growth opportunities. We expect to gain clarification on both points in February 2021 during Naturgy's capital market day. We expect the company will significantly reduce its exposure to Latin America over the medium-to-long term because the group no longer sees this region as strategic and intends to reduce earnings volatility arising from foreign exchange exposure. Conversely, Naturgy is likely to seek new growth in renewable power generation and electricity
