On Jan. 19, 2007, 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 amid recent developments in the bidding process for Spanish utility Endesa S.A. (A/Watch Neg/A-1), in which Gas Natural is competing against German utility E.ON AG (AA-/Watch Neg/A-1+). These developments could pave the way to completion of the bidding process over the next couple of months. On Jan. 16, 2007, a Madrid court removed the last legal hurdle to the bidding process--an injunction against Gas Natural by a Madrid mercantile court, which was blocking the process. This action will enable the Spanish national securities commission (CNMV) to declare
