Please see the Full Analysis: Gas Natural SDG S.A. on RatingsDirect. High share (more than 60% of full-year 2016 EBITDA) 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 liquefied natural gas (LNG) midstream sector and in Latin America. Industrial and commercial integration of electricity and gas business in Spain, which mitigates exposure to the country's weak, albeit slightly recovering, electricity and gas markets. Exposure to foreign exchange and country risk in Latin America, notably in Mexico and Colombia. Exposure to potential LNG oversupply in the medium term, while short-term industry fundamentals remain weak. Strong liquidity, supported by a conservative 24-month prefunding policy.
