Credit Rating Report

Madrileña Red de Gas Finance B.V.: Rating Report

Utilities & Independent Power

Summary

DBRS Morningstar assigned an Issuer Rating and a Euro Medium Term Notes rating of BBB (low) with Stable trends to Madrileña Red de Gas Finance B.V. (MRG Finance). MRG Finance is the financing entity for Madrileña Red de Gas, S.A.U. (MRG or the Guarantor), and all current debt issued by MRG Finance is guaranteed by MRG. As such, the ratings on the Issuer are based on the credit quality of the Guarantor. For insight beyond the ratings, see the rating report.

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