Summary: Red Electrica Corporacion S.A. Jun 10

Standard & Poors, June 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The 'AA-' long-term rating on Red El-ctrica Corporaci-n S.A. and its subsidiary Red El-ctrica de Espa-a S.A.U. (AA-/Stable/A-1+) (together, REE) is based on REE's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'AA-', as well as on its opinion that there is a "moderately high" likelihood that the Kingdom of Spain (AA/Negative/A-1+) would provide timely and sufficient extraordinary support to REE in the event of financial distress. REE is Spain's electricity system operator and owner of the bulk of the country's electricity transmission grid assets. We consider REE as a government-related entity (GRE). In accordance with our criteria for government-related entities (GREs), we base our view of a "moderately high" likelihood of extraordinary government support on...

Companies mentioned in this report are: Red Electrica Corporacion S.A.
Action: Review

Red Electrica Corporacion S.A.

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