On Feb. 23, 2006, Standard&Poor's Ratings Services said that its 'A+' long-term and 'A-1' short-term corporate credit ratings on Spanish utility Gas Natural SDG, S.A. remain on CreditWatch with negative implications following the company's announcement on Feb. 21, 2006, that its offer for Spanish utility Endesa S.A. (A/Watch Neg/A-1) remains unchanged and on track, despite the competing bid launched by German utility E.ON AG (AA-/Watch Neg/A-1+). The ratings on Gas Natural were placed on CreditWatch on Sept. 6, 2005, following the company's €22.55 billion bid for a 100% stake in Endesa. On Feb. 21, 2006, E.ON launched a conditional €29.1 billion all-cash offer for up to 100% of Endesa. The German company's offer will likely be subject to
