The North American financial rating agency Standard and Poor's (S&P) increased the rating of REN - Redes Energéticas Nacionais from BBB-/A-3 to BBB/A-2, with a stable outlook.
The analysis of the financial rating agency acknowledges REN's good performance reflected in the company's conservative financial policy, also pointing out the increased diversification of the company's activity following the recent acquisitions of Portgás in Portugal and the 42.5% stake in the Chilean Electrogas.
According to S&P, this rating highlights the resilience of REN's liquidity in the stress tests. The agency notes that the long-term rating for REN may come to exceed Portugal's by up to one notch.
In its analysis note, S&P states that REN continues to have an excellent risk profile in its business, reflecting a position of natural monopoly as power and gas transmission operator in Portugal, supported by the visibility that the agency acknowledges having over REN's revenues, given they are almost entirely regulated and not exposed to market or volume risk.