Our ratings on Portuguese utility REN-Redes Energeticas Nacionais (REN) incorporate ongoing support from 51% owner, the Portuguese government. We are lowering our long-term and short-term ratings on REN to'A-/A-2' from 'A+/A-1' following a similar action today on the Republic of Portugal (A-/Negative/A-2). While we expect government support for REN to continue, we consider the value of such support reduced by the government's weaker credit position. The outlook on REN is negative, indicating that a downgrade would occur if we were to lower our ratings on Portugal further. PARIS (Standard&Poor's) April 27, 2010--Standard&Poor's Ratings Services said today it lowered to 'A-' from 'A+' its long-term issuer credit rating on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN).
