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Moody's reaffirms REN's rating

 

North American financial rating agency Moody's reaffirmed the Baa3 rating given to REN - Redes Energéticas Nacionais, also maintaining the "stable" perspective, following the acquisition of 100% of EDP Gás.

According to Moody's, the rating's reaffirmation reflects: that the acquisition of EDP Gás will not change the business's overall risk profile; and the expectation that REN will be successful in the issue of 250 million euros in new shares to partially finance the transaction, as well as to ensure the financial flexibility to absorb the acquisition and maintain a financial profile consistent with the Baa3 rating.

Thus, REN's rating continues to be one level above that of the Portuguese Republic. With this evaluation, REN continues to be the Portuguese company with the best aggregate evaluation from the three largest global rating agencies (Fitch, Moody's and Standard & Poor's).