The credit rating agency Standard & Poor's has followed Moody's and Fitch in announcing it has increased the rating of REN - Redes Energéticas Nacionais from speculative grade BB+ to investment grade BBB-. The American credit rating agency has also said the outlook for REN remains positive.
According to S&P this revision to investment grade is justified mainly by the positive effect that the improving economic conditions in Portugal have had on the company's risk profile. REN's rating is now one level above that of the Portuguese Republic.
For Gonçalo Morais Soares, REN's Chief Financial Officer, this news 'is confirmation of the direction of our financing strategy, which emphasises flexibility and a solid liquidity position that allows the optimisation of funding costs.'
This assessment means REN is still the Portuguese company with the best rating from each of the world's three main rating agencies (Fitch, Moody's and Standard and Poor's).