Moody’s upgrades REN

Moody's Investors Service said it upgraded the senior unsecured debt and issuer ratings of REN - Redes Energeticas Nacionais, SGPS SA (REN) and finance subsidiary REN Finance BV to Baa3 from Ba1.

Concurrently, the agency upgraded the rating of their €5 billion medium-term note program to provisional Baa3 from provisional Ba1.

The outlooks are stable.

The action concludes the review for upgrade announced on May 13 and follows Moody's decision to upgrade the rating of the Government of the Republic of Portugal to Ba1 from Ba2 as announced on July 25.

The upgrade is based upon the outlook for a gradual improvement of REN's financial profile against the background of a slowly stabilizing domestic macroeconomic environment. The upgrade is also supported by REN's solid and diversified liquidity position, Moody’s said.

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