S&P upgrades REN

S&P said it raised its long- and short-term issuer credit ratings to BBB/A-2 from BBB-/A-3 on Portuguese electricity and gas transmission and gas distribution system operator REN-Redes Energeticas Nacionais, SGPS, SA.

The outlooks is stable.

S&P also raised its issue rating on REN's senior unsecured notes to BBB from BBB-.

“The upgrade reflects our view of REN's conservative financial policy and improved competitive position through enhanced diversification following the recent acquisition of EDP Gas Distribuiçao (EDPG) in Portugal and of a 42.5% stake in Chilean gas pipeline Electrogas, where we view the regulatory environment as supportive,” S&P said in a news release.

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