The 'A+' long-term rating on Portuguese utility REN-Redes Energeticas Nacionais, SGPS, S.A. (REN) is based on the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'A+'. We also factor in our opinion that there is a "high" likelihood that the Republic of Portugal (A+/Negative/A-1) would provide timely and sufficient extraordinary support to REN in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of a "high" likelihood of extraordinary government support is based on our assessment of REN's: "Very important" role for the government, given its strategic importance as the monopoly owner and operator of the electricity and gas transmission networks in Portugal; and "Strong" link with the
