Sept 26 - Fitch Ratings has assigned Enagas Financiaciones, S.A.U.'s EUR500m five-year bond with a coupon of 4.25% a 'A-(EXP)' expected foreign currency senior unsecured rating. The bond is issued under a new EUR2bn euro medium-term note programme (EMTN). Notes under the programme will be guaranteed by Enagas, S.A. ('A-'/Negative) and other material subsidiaries. The final bond and programme ratings are contingent upon the receipt of final documentation conforming materially to information already received Proceeds from the notes issue will be used for general corporate purposes, including the extension of the group's debt maturity profile. The bonds will constitute senior unsecured obligations of Enagas Financiaciones, S.A.U. The obligations of Enagas Financiaciones, S.A.U. under the EMTN programme will be guaranteed on a joint and several basis by Enagas, S.A. and Enagas Transportes, S.A. and will have an equal priority ranking with all other unsecured obligations of them. Fitch does not differentiate between the rating of Enagas' existing and new notes, but acknowledges that holders of the latter appear to have a slight disadvantage as, under Spanish law, interest on the notes accrued but unpaid as at the commencement of any insolvency proceeding relating to the issuer will constitute subordinated obligations of the issuer ranking below its other unsecured and unsubordinated obligations. From a ratings perspective, this provision could adversely affect recovery prospects upon an insolvency scenario rather than the existing rating. Fitch downgraded Enagas' Long-term IDR to 'A-' from 'A+' with a Negative Outlook in June 2012. This rating action followed the downgrade of Spain's sovereign IDR to 'BBB'/Negative. Fitch had previously articulated its parameters for corporate rating actions, should eurozone sovereign ratings fall further (see "The Future of the Eurozone - The Impact on Corporates - Reviewing Corporate Linkages and Fitch's Sovereign Rating Expectations" dated 16 May 2012 at www.fitchratings.com). Generally, both corporate IDRs and senior unsecured debt ratings within the eurozone may exceed the domestic sovereign rating, subject to (i) limited cushion for primarily domestic issuers and (ii) the Country Ceiling, currently 'AAA' for all eurozone corporate issuers other than those in Greece. The number of notches by which a corporate's IDR can exceed that of its sovereign largely depends on the degree of international asset and cash flow diversification.