Debt investor relations

The information in this section has been provided by SGN's Treasury team and is directed to institutional investors and analysts interested in SGN.

SGN operates a centralised treasury function which is responsible for the management of financial risks of the Group as a whole and each of Scotland Gas Networks plc and Southern Gas Networks plc (the “Regulated Entities”) on a standalone basis. The treasury function does not operate as a profit centre, nor does it enter into speculative transactions.

Treasury activities are overseen by the Finance Committee, which meets on a periodic basis throughout the financial year. The Finance Committee is comprised of four directors (one from each of SGN’s shareholders) plus one statutory independent non-executive director. The Treasurer reports on a regular basis to the Finance Committee. The Board reviews and approves all major treasury decisions.

Information on SGN’s debt issuance is available below. Information on annual reports and accounts, constitutional documents, regulatory reports and other publications are available on our reports and publications page.

Group structure

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SGN group structure. Under Scotia Gas Networks SGN Pledge Ltd which is a holding company for SGN MidCo Ltd. Under this is the 4 operating companies: Scotland Gas Networks, Southern Gas Networks, SGN Natural Gas and SGN Contracting. Under Scotia Gas Networks is also a number of unregulated companies. These are: SGN Commercial Services, SGN Connections, SGN Smart and SGN Place.

Credit ratings and outlooks


Rating Agency



Moody's Investors Service


Scotland Gas Networks plc

BBB+ (stable)

Baa1 (negative)

BBB+ (stable)

Southern Gas Networks plc

BBB+ (stable)

Baa1 (negative)

BBB+ (stable)

Long-term debt issuance and committed bank facilities

Details of the current outstanding long-term debt issued by Scotland Gas Networks plc, Southern Gas Networks plc and SGN Midco Limited and committed bank facilities are available below. 

Long-term debt maturity profile

The maturity profile of long-debt issued by Scotland Gas Networks plc, Southern Gas Networks plc and SGN Midco Limited is available below by i) funding type and ii) by coupon type. 

Prospectuses and final term sheets of the regulated entities

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