We lowered our sovereign ratings on Spain to 'BBB-/A-3' from 'BBB+/A-2' and assigned a negative outlook to the long-term rating on Oct. 10, 2012. We believe Spanish integrated utility Gas Natural DSG has high country risk exposure to Spain because its revenue base is still predominantly domestic, and we believe the utility sector has high sensitivity to country risk. We are revising the outlook on Gas Natural to negative from stable and affirming our 'BBB/A-2' long- and short-term ratings. The negative outlook reflects that on Spain. On Oct. 15, 2012, Standard&Poor's Ratings Services revised its outlook on Spanish integrated utility Gas Natural DSG S.A. to negative from stable. At the same time we affirmed our 'BBB/A-2' long- and
