Improved geographic and business diversification, mainly linked to operations growth in the international gas midstream sector and in Latin America. Balanced mix of activities characterized by a high share of low-risk regulated gas and electricity distribution activities in Spain and Latin America. Industrial and commercial integration of electricity and gas business in Spain. Exposure to weak electricity and gas markets in Spain. Exposure to foreign exchange and regulatory risk in Latin America. Exposure to potential liquefied natural gas oversupply, stemming from the U.S.'s plans to become an exporter in 2016. Positive cash flow generation after capital expenditures and dividends, allowing deleveraging in a challenging environment. Strong liquidity supported by the issuer's conservative 24-month pre-funding policy. Standard&Poor's Ratings Services'
