LONDON (Standard&Poor's CreditWire) May 10, 2000--Standard&Poor's today placed its double-'A'-minus/'A-1'-plus corporate credit ratings on Gas Natural SDG, S.A.(Gas Natural) on CreditWatch with negative implications. At the same time, Standard&Poor's placed its double-'A'-minus senior unsecured debt rating on Gas Natural Finance B.V. (guaranteed by Gas Natural) on CreditWatch with negative implications. Spain-based Gas Natural is responsible for the supply, transmission, and most of the distribution of natural gas in Spain. The CreditWatch placement follows yesterday's announcement by the company that it intends to split its gas-transmission network subsidiary, Enagas S.A., and list the infrastructure assets on the Spanish stock markets. Gas Natural's core shareholders are Repsol-YPF S.A. (A-/Stable/A-2), with 45.26% of capital, and Caja de
