-- We have revised the outlook on Portugal to negative from stable to reflect the increased potential for a downgrade in 2010 if deficits remain high. -- We deem that the ratings on government-controlled REN should not be higher than those of the sovereign. -- We are revising the outlook on REN to negative from stable to reflect the change to the outlook on the sovereign. MILAN (Standard&Poor's) Dec. 7, 2009--Standard&Poor's Ratings Services said today that it revised its outlook on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN) to negative from stable. At the same time, the 'A+' long-term and 'A-1' short-term corporate credit ratings were affirmed. The outlook revision on REN mirrors that on
