Today, Standard & Poor's Ratings Services ("S&P") affirmed its "A-/A-2" long and short-term corporate credit ratings on EDP - Energias de Portugal, S.A. ("EDP").

At the same time, S&P revised its outlook on EDP from stable to negative, reflecting increasing uncertainty about EDP's ability to deliver and maintain credit metrics in line with the ratings in the intermediate term.

S&P consider the acquisition of some of Gas Natural's regulated gas assets in Spain to be positive business-wise, since the assets are regulated, but with little contribution to EBITDA given the assets" modest size.

S&P could revise the outlook to stable if they obtain sufficient comfort regarding EDP's ability and willingness to implement effective measures to tackle the aformentioned issues.



EDP - Energias de Portugal, S.A.