Renta 4 | Ratings agency Standard & Poors has revised downwards its rating on Enagás to BBB from BBB+, changing its outlook to stable from negative. This is a move which contrasts with the last rating in December from Fitch of BBB+ and a stable outlook. Furthermore, the motives for this downgrade have not transcended.
Valuation: Negative news. Although we believe the impact is limited, it’s possible that given the demanding levels of Enagás’ current share price, we would not rule out this could being reflected in price falls. We reiterate our HOLD stance, with a TP of 19,21 euros.