MADRID (Standard&Poor's) Sept. 6, 2005--Standard&Poor's Ratings Services said today it placed its ratings on Spain-based utilities Endesa S.A. (A/A-1), Gas Natural SDG, S.A. (A+/A-1), and Iberdrola S.A. (A+/A-1) on CreditWatch with negative implications. The CreditWatch placements reflect the negative implications for each of the companies resulting from Gas Natural's €22.55 billion ($28.27 billion) bid for a 100% stake in Endesa, and its agreement of a subsequent sale of assets with an estimated value of €7 billion-€9 billion to Iberdrola. At this stage the takeover bid is entirely dependent on shareholder and regulatory approvals. The placement of Gas Natural on CreditWatch reflects the risk of a weakening financial profile resulting from the proposed €7.8 billion cash-based part
