MADRID (Standard&Poor's) Feb. 3, 2009--Standard&Poor's Ratings Services said today that it has affirmed its 'A+' long-term and 'A-1' short-term corporate ratings on REN-Redes Energéticas Nacionais, SGPS, S.A. (REN), the owner and operator of Portugal's gas and electricity transmission network. The outlook is stable. The affirmation reflects Standard&Poor's expectations that REN will continue to restructure its capital and will successfully refinance its short-term debt. The group's liquidity is weak, and refinancing risk in the last quarter of 2009 is a concern, despite the lengthening of the debt maturity profile that resulted from the long-term funding obtained in the last quarter of 2008 (€500 million in bonds maturing in 2013 and €250 million from the European
