Research Update: EDP - Energias de Portugal Affirmed At 'BBB/A-2' And Off Watch Following Downgrade Of Portugal; Outlook Negative Apr 11
Standard & Poors, April 2011
Abstract
On March 29, 2011, we downgraded the Republic of Portugal to 'BBB-/A-3' from 'BBB/A-2' and assigned a negative outlook. In our opinion, this deterioration in sovereign creditworthiness does not meaningfully impair Portuguese utility EDP's business and financial risk profiles. We are affirming our 'BBB/A-2' ratings on EDP and removing them from CreditWatch negative. The negative outlook reflects that on Portugal and the possibility that EDP's credit profile could deteriorate if we downgrade Portugal further. On April 1, 2011, Standard & Poor's Ratings Services affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Portuguese utility EDP - Energias de Portugal, S.A. (EDP) and its financing vehicle EDP Finance B.V. All ratings were removed from CreditWatch, where they were placed...
Companies mentioned in this report are: EDP - Energias de Portugal, S.A.,EDP Finance B.V.
Action: Affirmed
Action: Removed From CreditWatch
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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