On Oct. 10, 2008, Standard&Poor's Ratings Services lowered its short-term corporate credit rating on REN-Redes Energéticas Nacionais, SGPS, S.A. (REN)--Portugal's gas and electricity transmission infrastructure owner and system operator--to 'A-1' from 'A-1+'. The 'A+' long-term corporate credit rating was affirmed. The outlook is stable. Short-term ratings are highly correlated with long-term ratings, with 'A+' rated companies usually having an 'A-1' short-term rating. Therefore, the rating action brings REN's short-term rating into line with that of its 'A+' rated peers. The 'A-1' short-term corporate credit rating reflects the stability and predictability of REN's cash flows and the group's adequate liquidity. The ratings are supported by REN's regulated operations, which benefit from a transparent and supportive remuneration framework. They also
