On Nov. 19, 2013, we adopted new criteria for our corporate rating methodology, which affect entities rated above the sovereign. We now no longer consider the Spanish integrated utility Gas Natural SDG S.A.'s outlook constrained by the rating on Spain. We are therefore revising our outlook on Gas Natural to stable from negative, and affirming our 'BBB/A-2' ratings. The stable outlook reflects our expectation that Gas Natural will maintain adequate financial credit metrics despite challenging domestic economic and regulatory environments. On Nov. 28, 2013, Standard&Poor's Ratings Services revised its outlook on Spanish vertically integrated gas and electricity utility Gas Natural SDG S.A. to stable from negative. At the same time, we affirmed our 'BBB/A-2' long- and short-term issuer
