30 July 2014

Moody´s lifts REN´s rating to investment grade

Moody's rating agency has upgraded REN's rating to 'Baa3', with a stable outlook. Moody's has revised REN's rating to investment grade', thus concluding the process of examining a potential rise, announced in May of this year.
This move occurs after the recent revision of the Portuguese state's rating up from Ba2 to Ba1.

According to Moody's, the rise to Baa3 is based on the prospect of a gradual improvement in REN's financial profile, in the context of a progressively more stable domestic macroeconomic environment. The revision also comes on the back of REN's solid liquidity situation and the diversification of its sources of financing.
Moody's also explains that the rating is attributable to the low risk profile of the electricity and natural-gas transmission business in Portugal.

REN remains the top-rated Portuguese company according to the world's three major rating agencies (Fitch: BBB, Moody's: Baa3 and Standard and Poor's: BB+).

According to Gonçalo Morais Soares, the rise to investment grade 'is recognition that the company's financing strategy is bearing fruit'.


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