20 March 2013

S&P raises REN to stable outlook

The US rating agency Standard & Poor´s (S&P) has raised REN's Outlook from ‘negative' to ‘stable' and maintained its ‘BB+' rating.

According to a statement issued by S&P, the rating awarded to REN reflects the immunity of the company's results to the country's macroeconomic conditions and its low regulatory risk.

Moreover, the agency considers REN not to be vulnerable to local financing due to its major shareholder, State Grid Corporate of China, giving the company zero medium-term financing risk.

The rating awarded REN (BB+) is one point above that of the Portuguese Republic, the maximum difference awarded between the rating of a company and its sovereign country.

The change in outlook from negative to stable is, according to the US rating agency, due to the equivalent rise in the outlook of the Portuguese Republic.

REN remains the Portuguese company with the best rating overall from the three major global rating agencies (Fitch, Moody's and Standard and Poor's).


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