High share of low-risk regulated gas and electricity distribution activities in Spain and Latin America. Good geographic and business diversification mainly linked to operations growth in the international gas midstream sector (LNG) and in Latin America. Industrial and commercial integration of electricity and gas business in Spain, mitigating the exposure to weak electricity and gas markets in Spain. Exposure to foreign exchange and country risk in Latin America, notably in Colombia. Exposure to potential liquefied natural gas (LNG) oversupply in the medium term, while short-term industry fundamentals remain weak. Positive cash flow generation after capital expenditure (capex) and dividends, allowing pursuing deleveraging, absent large M&A transactions. Strong liquidity supported by the issuer's conservative 24-month pre-funding policy. The stable outlook on
