Monopoly owner and operator of Portugal's electricity and gas transmission networks under long concessions. Strong, stable, and predictable cash flows from this low-risk business. Established and supportive regulatory regime which links future cash flows directly to invested amounts in the regulated asset base (RAB). Substantial future capital program of €2.5 billion from 2009 to 2014 which will lead to a significant rise in debt. In the past, material tariff deficits have been allowed to accumulate which, although ultimately repaid, have required financing by REN in the interim. The 'A+' long-term rating on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN) is based on the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'A+'. We also
