We view Portuguese utility REN-Redes Energeticas Nacionais' business risk as having improved to "excellent" from "strong," on the back of lower country risk as a result of Portugal's improving economic conditions. REN has also reconfirmed its strategy, which includes only making moderate equity investments abroad. We are therefore raising our corporate credit ratings on REN to 'BBB-/A-3' from 'BB+/B'. The positive outlook reflects our expectation that REN's operating environment could strengthen further through better regulatory and fiscal visibility. On Oct. 14, 2015, Standard&Poor's Ratings Services raised to 'BBB-' from 'BB+' the long-term corporate credit rating on Portuguese electricity and gas transmission grid operator REN-Redes Energeticas Nacionais, SGPS, S.A. (REN). At the same time, we raised to 'A-3' from
