Substantial share of low-risk regulated gas and electricity distribution activities in Spain and strong position in LNG. The Union Fenosa acquisition, which has extended Gas Natural's reach in electricity and increased customer numbers in and outside Spain. Dominant domestic position in gas procurement and supply. Significant increase in leverage owing to the substantially debt-financed Union Fenosa acquisition. Continued refinancing risk. The EBITDA contribution of power generation and the Latin American businesses, which increases overall business risk. The ratings on Gas Natural reflect Standard&Poor's Ratings Services' view of the group's strong position as Spain's incumbent gas utility, as well as the offsetting impact of the recent debt-financed acquisition of Union Fenosa, Spain's No. 3 electricity company. We believe that
