Moody's has decided this Friday to keep unchanged the long-term 'rating' of Enagás as issuer and its short-term rating Prime-2 in "Baa1", while at the same time confirming with the same rating the unsecured senior debt of Enagás Transporte, a company wholly controlled by Enagás.
The agency has said that this confirmation responds to the new regulatory framework for the 2027-2032 period, which is favorable for Enagás and provides high visibility over its regulated revenues until 2032.
As a result of this new environment, Moody's has chosen to reduce the threshold of funds from operations (FFO)/net debt associated with the current rating "Baa1", which goes from 20% to 18%.
The "stable" outlook assigned to both companies is based on Moody's forecasts regarding Enagás's credit indicators, which, it estimates, will remain aligned with the reference ratios for the current rating, including an FFO/net debt ratio above 18% after a transitory decline expected for 2026.