PARIS (Standard&Poor's) May 6, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'A+' long-term and 'A-1' short-term corporate credit ratings on Spanish utilities Gas Natural SDG, S.A. and Iberdrola S.A., and removed the long-term ratings on both from CreditWatch, where they had been placed on March 10, 2003. The affirmation follows today's withdrawal of Gas Natural's takeover bid for Iberdrola. The outlook on both Gas Natural and Iberdrola is stable. Gas Natural's board announced the withdrawal of its tender offer for Iberdrola after the takeover bid was rejected by the Spanish energy industry advisory body, Comision Nacional de Energia (CNE). At the same time, Gas Natural stated that it will continue to pursue organic growth
