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TEXT-S&P summary: N.V. Nederlandse Gasunie

(The following statement was released by the rating agency)

Oct 05 - =============================================================================== Summary analysis -- N.V. Nederlandse Gasunie ---------------------- 05-Oct-2012 =============================================================================== CREDIT RATING: AA-/Negative/A-1+ Country: Netherlands Primary SIC: Transportation services, nec =============================================================================== Credit Rating History: Local currency Foreign currency 26-Jun-2008 AA-/A-1+ AA-/A-1+ 01-Jul-2005 AA+/A-1+ AA+/A-1+ =============================================================================== Issues: Rating Rating Date EUR7.5 bil med-term note Prog 09/15/1992: sr unsecd AA- 26-Jun-2008 EUR700 mil 4.25% med-term nts due 06/20/2016 AA- 26-Jun-2008 EUR300 mil 4.50% med-term nts due 06/20/2021 AA- 26-Jun-2008 EUR1.4 bil 6.00% med-term nts due 10/30/2013 AA- 27-Oct-2008 EUR750 mil 5.125% med-term nts due 03/31/2017 AA- 26-Mar-2009 EUR500 mil 3.625% med-term nts due 10/13/2021 AA- 12-Oct-2011 EUR500 mil 2.625% med-term nts due 07/13/2022 AA- 09-Jul-2012 EUR7.5 bil med-term note Prog 09/15/1992: S-T debt A-1+ 01-Jul-2005 Rationale

The ratings on Netherlands-based gas transport and infrastructure group N.V. Nederlandse Gasunie (Gasunie) is based on the group's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'a-', and a three-notch uplift in accordance with our criteria for government-related entities (GREs). The three-notch uplift reflects our opinion that there is a "high" likelihood that the State of The Netherlands (AAA/Negative/A-1+) would provide timely and sufficient extraordinary support to Gasunie in the event of financial distress.