PARIS (Standard&Poor's CreditWire) Feb. 16, 1999--Standard&Poor's today assigned its double-'A'-minus long-term and 'A-1'-plus short-term corporate credit ratings to Gas Natural SDG, S.A. (Gas Natural). The outlook is stable. Ratings reflect: -- Gas Natural's very favorable business profile as Spain's natural-gas utility and the proprietor of the country's gas transmission system; -- The clear regulatory framework provided by the 1998 Hydrocarbon Law applicable to Gas Natural's operations in Spain, which Standard&Poor's believes will not overly pressure the company's business strength; and -- A relatively solid financial profile, along with moderate financial policies. Factors constraining credit quality include: -- The company's limited, though improving, supply diversity and exposure to potential political instability in principal supply-source countries;
