Portuguese electricity and gas transmission grid operator REN-Redes Energeticas Nacionais, SGPS, S.A. has received tariff approval for its electricity transmission business for 2015-2017. We believe that the tariff decision increases certainty about earnings development in the medium term and underpins our expectation about continued debt reduction. We are therefore revising our outlook on REN to positive from stable and affirming our 'BB+/B' long- and short-term ratings on the company. The positive outlook reflects our expectation that REN could achieve financial metrics solidly in the region of 12%-13% over the rating horizon. On Jan. 30, 2015, Standard&Poor's Ratings Services revised its outlook on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN) to positive from stable. At the same time,
