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Standard & Poor's Places EDP Energias de Portugal SA's BB+ Long-Term Rating on Creditwatch Negative; Affirms Short-Term Rating

Friday, 20 Sep 2013 02:08pm EDT 

EDP Energias de Portugal SA (EDP) announced that on September 20, 2013 Standard & Poor's Ratings Services (S&P) placed its BB+ long-term corporate credit and issue ratings on EDP and EDP Finance B.V. on CreditWatch with negative implications. At the same time, S&P affirmed short-term corporate credit debt ratings on EDP at B. The negative CreditWatch placement mirrors that on the Republic of Portugal, on September 18, 2013 since by S&P’s rating criteria, sovereign risk is a key factor that influences utilities' credit strength. According to S&P, EDP's predictable earnings base with a high contribution of regulated and long-term contracted asset-based operations with low market and volume risk, high geographic and business diversification and supportive domestic regulatory framework provide resilience to EDP's business risk profile, while financial shareholder support, as committed by China Three Gorges Corp, could provide some resilience to EDP's financial risk profile under potentially more severe market and sovereign conditions in Portugal. S&P aim to resolve the CreditWatch on EDP after resolving the CreditWatch on Portugal within the next three months. 

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