We have revised the outlook on Portugal to negative from stable to reflect the increased potential for a downgrade in 2010 if deficits remain high. We deem that the ratings on government-controlled REN should not be higher than those of the sovereign. We are revising the outlook on REN to negative from stable to reflect the change to the outlook on the sovereign. On Dec. 7, 2009, Standard&Poor's Ratings Services revised its outlook on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN) to negative from stable. At the same time, the 'A+' long-term and 'A-1' short-term corporate credit ratings were affirmed. The outlook revision on REN mirrors that on the Republic of Portugal (A+/Negative/A-1); for more details of
