Substantial share of low-risk regulated gas distribution activities in Spain Established, large diversified gas contract portfolio as Spain's incumbent gas utility Operational flexibility, thanks to ownership of midstream assets and access to various end markets Strong cash flow generation and solid capital structure Degree of financial flexibility through the remaining equity stake in Enagas S.A. Growth-focused strategy and expansion into higher-risk upstream activities and gas-fired power generation projects in Spain Material EBITDA contribution of power generation and Latin American gas distribution Country risk related to Algeria, which accounts for about one-third of the group's supply sources The ratings on Gas Natural SDG S.A. are based on the Spanish utility's low-risk regulated domestic gas distribution activities, which are complemented by a
