Home Credit Ratings and Research S&P Global Ratings’ Credit Research REN-Redes Energeticas Nacionais SGPS S.A.

Summary: REN-Redes Energeticas Nacionais SGPS S.A.

Published Mar 06, 2014

3178 words — Published Mar 06, 2014

Price US$ 225.00 | Buy this Report Now

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Abstract:

Our 'BB+' rating on the Portuguese energy grid operator REN-Redes Energeticas Nacionais SGPS S.A. (REN) is derived from: REN's anchor of 'bb+' based on our assessments of the group's "strong" business risk profile and "aggressive" financial risk profile. No impact from rating modifiers. Our 'BB+' rating is one notch higher than our rating on Portugal (BB/Negative/B), reflecting our view that REN could withstand a sovereign default as tested under our hypothetical sovereign stress test. We believe that the group's ability to service and repay debt is superior to the sovereign's. Transparent and supportive regulatory regime managed by an independent regulator. Asset-based remuneration that is relatively immune to economic and sovereign risk. Robust operating performance. Exposure to tough economic and fiscal

Brief Excerpt:

RESEARCH Summary: REN-Redes Energeticas Nacionais SGPS S.A. Publication date: 06-Mar-2014 Primary Credit Analyst: Nicolas Riviere, Paris (33) 1-4420-6709; nicolas.riviere@standardandpoors.com Secondary Contact: Vittoria Ferraris,...

Report Type:

Summary

Ticker

RENE@PL

Issuer

REN-Redes Energeticas Nacionais SGPS S.A.

GICS

Multi-Utilities (55103010)

Sector

Global Issuers

Country

Portugal

Region

Europe, Middle East, Africa

Format:

HTML

Research Update: Outlook On Portugal Transmission Grid Operator REN Revised To Positive On New Tariff Decision; 'BB+/B' Ratings Affirmed – 2015/01/30 – US$ 225.00

REN-Redes Energeticas Nacionais SGPS S.A. – 2015/04/17 – US$ 500.00

Summary: REN-Redes Energeticas Nacionais SGPS S.A. – 2015/04/17 – US$ 225.00

Research Update: Portuguese Transmission Grid REN Rating Raised To 'BBB-'; Outlook Positive – 2015/10/14 – US$ 225.00

REN-Redes Energeticas Nacionais SGPS S.A. – 2016/10/17 – US$ 500.00

REN-Redes Energeticas Nacionais SGPS S.A. – 2014/03/06 – US$ 500.00

Portuguese Grid Operator REN Affirmed At 'BB+/B'; Off CreditWatch Negative; Outlook Stable After Criteria Review – 2014/01/29 – US$ 150.00

Research Update: Portuguese Grid Operator REN Affirmed At 'BB+/B'; Off CreditWatch Negative; Outlook Stable After Criteria Review – 2014/01/29 – US$ 225.00

Portuguese Utility REN ?BB+? Long-Term Rating Placed On CreditWatch Negative Following Similar Action On Sovereign – 2013/09/20 – US$ 150.00

Research Update: Portuguese Utility REN ?BB+? Long-Term Rating Placed On CreditWatch Negative Following Similar Action On Sovereign – 2013/09/20 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Summary: REN-Redes Energeticas Nacionais SGPS S.A." Mar 06, 2014. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-REN-Redes-Energeticas-Nacionais-SGPS-S-A-1269566>

APA:	S&P Global Ratings’ Credit Research. (). Summary: REN-Redes Energeticas Nacionais SGPS S.A. Mar 06, 2014. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-REN-Redes-Energeticas-Nacionais-SGPS-S-A-1269566>

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