Spain-based vertically integrated gas and electricity utility Gas Natural SDG S.A. has undertaken to limit a certain call option right in its hybrid security documentation. As a result, we have revised our assessment of the equity content of Gas Natural's hybrid to intermediate. We are affirming our 'BBB/A-2' corporate credit ratings on Gas Natural. The outlook remains stable. On Jan. 12, 2016, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' long- and short-term corporate credit ratings on Gas Natural SDG S.A. The outlook remains stable. We also affirmed the 'BBB' issue credit rating on the senior debt and 'BB+' issue credit rating on the two hybrid capital instruments (ISIN: XS1139494493 and XS1224710399) issued by Gas Natural Fenosa Finance B.V and
