PARIS (Standard&Poor's) May 16, 2002--Standard&Poor's said today that it has revised its outlook on Spanish utility Gas Natural SDG, S.A. to stable from negative, after the decision of parent Repsol-YPF S.A. (BBB/Negative/A-3) to reduce its stake in Gas Natural to 24%, from 47%. At the same time, the single-'A'-plus long-term and 'A-1' short-term corporate credit ratings on Gas Natural have been affirmed. "The outlook change reflects reduced interference risk stemming from Repsol-YPF on Gas Natural's credit quality," said Standard&Poor's credit analyst Karl Nietvelt. As a 24% shareholder, Repsol-YPF will no longer be appointing the majority of board members. However, together with Caja de Ahorros y Pensiones de Barcelona (La Caixa; A+/Stable/A-1), Gas Natural's other
