On Jan. 17, 2013, we affirmed our 'BB/B' ratings on Portugal with a negative outlook, and on Nov. 19, 2013, we adopted new criteria affecting corporate entities rated above the sovereign. Our outlook on the Portuguese energy grid operator REN is no longer constrained by the outlook on Portugal. We are affirming our 'BB+/B' long- and short-term ratings on REN and removing the long-term rating from CreditWatch negative. The stable outlook reflects our expectation that REN will maintain adequate financial credit metrics, despite a difficult economic and fiscal environment in Portugal. On Jan. 29, 2014, Standard&Poor's Ratings Services affirmed its 'BB+/B' long- and short-term corporate credit ratings on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN). The outlook
