MILAN (Standard&Poor's) Feb. 20, 2009--Standard&Poor's Ratings Services said today that it has lowered its long- and short-term corporate credit ratings on Spanish utility Gas Natural SDG, S.A. to 'BBB+/A-2' from 'A/A-1' following Spain's national competition authority's approval, with conditions, of the group's acquisition of Spanish utility Union Fenosa S.A. The ratings, which were placed on CreditWatch with negative implications on Aug. 1, 2008, on news of the acquisition, will remain on CreditWatch until completion of the transaction and our subsequent analysis of the enlarged group's credit profile. "The downgrade reflects our expectation that the acquisition--which now seems highly likely to go ahead--will weaken Gas Natural's credit profile to levels no longer compatible with an 'A' category
