We placed our long- and short-term sovereign ratings on the Republic of Portugal on CreditWatch with negative implications on Dec. 5, 2011. In accordance with our criteria for rating government-related entities and nonsovereign entities in the eurozone, we are placing our 'BBB-/A-3' long-and short-term corporate credit ratings on Portuguese power grid operator REN-Redes Energeticas Nacionais SGPS S.A. (REN) on CreditWatch with negative implications. The CreditWatch placement mirrors that on the Republic of Portugal and reflects our opinion that any deterioration in Portugal's creditworthiness could have negative implications for the ratings on REN. As previously announced on Dec. 8, 2011, Standard&Poor's Ratings Services has placed its 'BBB-/A-3' long- and short-term corporate credit ratings on Portuguese power grid operator REN-Redes
