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Global Credit Research - 13 Jul 2010
London, 13 July 2010 -- Moody's has today downgraded (1) the ratings of Rede Ferroviaria Nacional
REFER, EPE and Parpublica-Participacoes Publicas (SGPS),
SA to A1with a stable outlook from Aa2 on review for downgrade,
(2) the rating of Radio e Televisao de Portugal S.A. to
A2 from Aa3, and maintained the rating on review for further downgrade,
and (3) the rating of Redes Energeticas Nacionais, SGPS, S.A.
to A3 with a stable outlook from A2 on review for downgrade. At
the same time Moody's has affirmed the A3/P-2 ratings of Energias
de Portugal, S.A. with a stable outlook.
All of the above companies are government related issuers which have an
element of potential government support incorporated within their ratings
in accordance with Moody's rating methodology for government related issuers.
The above actions follow Moody's earlier rating action to downgrade to
A1 from Aa2 the ratings of the Government of the Republic of Portugal
("RoP"). The rating downgrade reflects Moody's view that
(1) the Portuguese government's financial strength will continue to weaken
over the medium term, as evidenced by ongoing deterioration in the
country's debt metrics, such as debt to GDP and debt to revenues;
and (2) the Portuguese economy's growth prospects are likely to remain
relatively weak unless recent structural reforms bear fruit over the medium
to longer term. The rating outlook is now stable, with the
upside and downside risks evenly balanced.
Moody's notes that Parpublica-Participacoes Publicas (SGPS),
SA ("Parpublica") does not enjoy any explicit guarantees from the Portuguese
government and that the rating is the same as the sovereign rating of
the Republic of Portugal. A downgrade to A1 of the sovereign ratings
of Portugal translates into a downgrade to A1 of Parpublica's ratings.
Parpublica's ratings factor that the company will remain a key instrument
for the Portuguese government's public corporate management policy and
therefore instrumental to the Ministry of Finance. The levels of
support and dependence within the Government Related Issuer Methodology
have not been changed and remain high. The baseline credit assessment
has been changed to 5 from 3 and this translates into an A1 rating with
a stable outlook (same as RoP).
The rating of Radio e Televisao de Portugal S.A. ("RTP")
has been downgraded by two notches, in line with the rating downgrade
of the sovereign. RTP's A2 rating remains one notch below
the sovereign rating of RoP, primarily reflecting the absence of
an explicit guarantee from the government. RTP's rating remains
on review for possible downgrade, as Moody's will continue
to reassess the various factors of RTP's rating such as its baseline
credit assessment, support and dependence assumptions.
The ratings of Rede Ferroviaria Nacional REFER, EPE ("REFER") are
at the same level as RoP as they incorporate a very high support assumption.
Consequently, a downgrade in the rating of RoP to A1 from Aa2 has
resulted in a downgrade in REFER's rating to A1. The rating
outlook is stable mirroring the stable outlook on the RoP rating.
In addition, Moody's has confirmed REFER's standalone credit
quality as expressed by REFER's 15 (B2 equivalent) baseline credit assessment.
This confirmation reflects REFER's continuing ability to access
debt markets and an expectation that this will continue over the coming
months despite the possibility of volatile debt market conditions from
time to time.
Redes Energeticas Nacionais, SGPS, S.A. ("REN")'s
senior unsecured ratings have been downgraded to A3 stable outlook from
A2 under review for possible downgrade. The ratings assume moderate
support from RoP, its majority owner, however the two notch
downgrade of the sovereign has led to a one notch downgrade in the final
rating, reducing the notching uplift from two to one, from
the baseline credit assessment (BCA) of 8 (Baa1 equivalent) which remains
Energias de Portugal, S.A. ("EDP")'s A3/P-2
ratings, which incorporate a one notch uplift from its BCA of 8
have been affirmed, reflecting EDP's position as the leading
electricity company in Portugal, and our view that it will remain
strategically important to Portugal. Moody's has, however,
previously pointed out that a further reduction in State ownership from
the current direct and indirect 25.71% holding could lead
to a re-evaluation of EDP's position as a government related issuer
or as a financial, rather than a strategic, stake and hence
a review of the current one notch rating uplift, although this does
not appear under consideration in the near term.
For additional information on rating factors, please refer to the
individual issuer credit opinions, available on www.moodys.com.
Moody's last rating action pertaining to Parpublica, RTP,
REN and REFER was on 5 May 2010 when their ratings were placed on review
for downgrade following the earlier placing of the Aa2 RoP rating on review
Moody's last rating action on EDP was on 5 May 2010 when its ratings were
affirmed at A3/P2/stable when the Aa2 rating of RoP was put under review
for possible downgrade.
The principal methodology applied to the issuers used in this rating action
is The Application of Joint Default Analysis to Government Related Issuers,
April 2005, which can be found at www.moodys.com in
the Ratings Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating these issuers can also be found in
the Rating Methodologies sub-directory on Moody's website.
MD - Infrastructure Finance
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Paloma San Valentin
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's downgrades certain Portuguese government related issuers
No Related Data.
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