The ratings on Gas Natural SDG, S.A. are based on the Spanish utility's low-risk regulated domestic gas distribution activities, which are complemented by a leading competitive position in gas supply and a solid financial profile. These strengths are offset by management's growth-oriented strategy and financial policy, and by the group's nonregulated activities and material presence in Latin America. Gas Natural's business plan for the next five years is based on consolidating the group's existing operations in Spain, Italy, and Latin America, and expanding in new markets. Gas Natural thereby expects to become an integrated international natural-gas and liquefied-natural-gas (LNG) operator. The group intends to invest a significant €12.5 billion, of which 55% in regulated gas distribution and 45% in upstream
