On April 28, 2008, Standard&Poor's Ratings Services assigned its 'A+' long-term and 'A-1+' short-term corporate credit ratings to REN-Redes Energéticas Nacionais, SGPS, S.A., the owner of Portugal's gas and electricity transmission infrastructure and the operator of the country's gas and electricity systems. The outlook is stable. REN is the holding company of a group involved in the following regulated activities: Building, operating, and maintaining the national electricity transportation grid; Managing the national electricity system; Building, operating, and maintaining the national natural gas transportation grid; Managing the national natural gas system; Operating the liquefied natural gas regasification terminal in Sines; and Operating underground storage of natural gas in Carriço. REN owns and operates all related assets through long-term public
