Structured Finance Other
Outlook: No Trend
Action date: 04/05/2021
Rating action: Affirmed

2014 Gas Deficit Entitlement Rights

The transaction is a static cash securitisation of a compensation entitlement rights arising from a portion of Spanish gas tariff deficit receivables. The receivables consist of payments made by the Spanish Comisión Nacional de los Mercados y la Competencia to the gas utility companies that funded a deficit in the regulated Spanish gas system up to 2014. This deficit was caused by the imbalances between costs and revenues of the Spanish gas system which were mainly driven by a fall in the natural gas demand combined with a continuing rise in the regulated costs during the 2008-2014 period.


Date last rating: 04/05/2021
Date first rating: 03/26/2020