REN retains Ba1 rating

Moody's announced that REN has maintained its rating due to the 800 million euro funding granted to REN by the China Development Bank Corporation on 11 October 2012.

The credit rating company considers that the additional liquidity and continuous support of the State Grid are a significant contribution towards mitigating the company's medium-term refinancing risk and reducing its lesser connection to the Portuguese national rating.

Moody's also considers that REN's rating is still constrained by the Portuguese national rating and that consequently the negative outlook is in line with that of Portugal, reflecting its exposure to the current Portuguese economic situation.