Research Update: Portuguese Utility EDP 'A-/A-2' Ratings Placed On CreditWatch Negative After Similar Action On Portugal Dec 10

Standard & Poors, December 2010

Abstract
On Nov. 30, 2010, we placed our 'A-/A-2' ratings on the Republic of Portugal on CreditWatch negative because of uncertainty regarding the effects of a proposed EU treaty change. We are placing our 'A-/A-2' ratings on Portuguese utility EDP - Energias de Portugal, S.A. on CreditWatch with negative implications. The CreditWatch placement reflects our opinion that EDP's business risk profile and overall credit profile could further deteriorate and that a downgrade of the sovereign would likely lead to a downgrade of EDP. On Dec. 3, 2010, Standard & Poor's Ratings Services placed on CreditWatch with negative implications its 'A-/A-2' long- and short-term corporate credit ratings on Portuguese utility EDP - Energias de Portugal, S.A. and its financial vehicle EDP Finance...

Companies mentioned in this report are: EDP - Energias de Portugal, S.A.,EDP Finance B.V.
Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

EDP - Energias de Portugal, S.A.,EDP Finance B.V.

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