...- Naturgy Energy Group S.A. has published its 2021-2025 strategic plan, providing clarity to the group's medium-term growth and strategic direction. - At the same time, the group is recalibrating its capital allocation to accelerate capital expenditure (capex) and reduce dividends, which we view as a key enabler to its long-term business and financial sustainability. - We assume there will be no material changes to Naturgy's strategy from the pending IFM Investors takeover offer because the latter would, at most, acquire a noncontrolling stake and we understand Naturgy's board unanimously approved the strategy. - We are therefore revising our outlook on Naturgy to stable from negative and affirming our long-term '###' issuer credit rating on the company. - The stable outlook reflects our expectation that the acceleration of organic renewable growth, which we expect to be increasingly contracted, will enhance Naturgy's earnings quality; in addition, it captures our view that Naturgy's commitment...
