Research Update: Electricidade de Portugal S.A. Jul 04

Standard & Poors, July 2004

Abstract
On July 30, 2004, Standard & Poor's Ratings Services placed its 'A' long-term corporate credit and senior unsecured debt ratings on Portugal-based energy company Electricidade de Portugal S.A. (EDP) on CreditWatch with negative implications. At the same time, Standard & Poor's also placed its 'A-1' short-term corporate credit rating on the company on CreditWatch with negative implications. The CreditWatch placement follows the group's announcement of its proposed -1,195 million acquisition of an additional 56.2% stake in the Spanish energy group, Hidroelectrica del Cantabrico S.A. (HC). EDP already owns 39.5% of HC. The CreditWatch placement reflects Standard & Poor's opinion that the proposed acquisition could weaken EDP's business and financial profile. Standard & Poor's review will also focus, among other things,...

Companies mentioned in this report are: EDP - Energias de Portugal, S.A.
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.

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