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Rating Action:

Moody's places certain Portuguese government related issuers on review for downgrade

05 May 2010

New York, May 05, 2010 -- Moody's has today placed the ratings of (i) Parpublica-Participacoes Publicas (SGPS), SA (Aa2), (ii) Radio e Televisao de Portugal S.A. (Aa3), (iii) Rede Ferroviaria Nacional REFER, EPE (Aa2), (iv) Redes Energeticas Nacionais, SGPS, S.A. (A2) on review for possible downgrade. At the same time Moody's has affirmed the A2 ratings of ANA-Aeroportos de Portugal, S.A. with a stable outlook and the A3 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 place the Aa2 ratings of the Government of the Republic of Portugal ("RoP")on review for possible downgrade, an action which reflects the recent deterioration of Portugal's public finances as well as the economy's long term growth challenges. Moody's expects that, in the event of a downgrade, Portugal's Aa2 rating would fall by one, or at most two, notches.

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 RoP. A review of the sovereign ratings of Portugal translates into a review of Parpublica´s ratings and in addition Moody's will reassess the current linkage between the GRI and the sovereign ratings. Parpublica's ratings are based on the fact 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.

Moody's notes that Radio e Televisao de Portugal S.A. ("RTP") does not enjoy any explicit guarantees from the Portuguese government and that the rating is one notch lower than the sovereign rating of the RoP. A review of the rating of Portugal translates into a review of the ratings of RTP and in addition Moody's will reassess the various factors of RTP's rating.

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 will result in a downgrade of REFER's ratings. As part of the review process, Moody's will also consider REFER's standalone credit quality as expressed by REFER's 15 (B2 equivalent) baseline credit assessment. Consideration will be given to REFER's significant short term debt balances and its significant new borrowing requirement which will require REFER to maintain market access, and whether this will become more challenging in the light of more difficult debt market circumstances.

Redes Energeticas Nacionais, SGPS, S.A. ("REN")'s A2 rating, which assumes moderate support from the RoP, its majority owner, currently benefits from a 2 notch uplift from its baseline credit assessment of 8 (Baa1 equivalent). Any impact on REN's rating is likely to be limited to a maximum of one notch in the context of a possible one to two notch downgrade of the sovereign rating. This assumes no change to the BCA.

ANA-Aeroportos de Portugal, S.A. ("ANA")'s ratings incorporate a one-notch uplift from its fundamental credit quality as expressed by ANA's 7 (A3 equivalent) baseline credit assessment. A downgrade in RoP's rating by up to 2 notches would not cause a reassessment of this one-notch rating uplift.

Energias de Portugal, S.A. ("EDP")'s A3 ratings incorporate a one notch uplift from its BCA of 8 (Baa1equivalent). A downgrade in the RoP's rating by up to 2 notches would not impact the current uplift unless this action were to lead us to review our current assessment of moderate support. Moody's has, however, previously pointed out that the State has progressively sold down its stake in EDP to its current direct and indirect 25.71% holding, and may further reduce its holding via outstanding exchangeable bonds maturing by 2010 and 2014 equal to 4.38% and 4.14% of EDP respectively. A shift in ownership by these means, or the sale of further equity stakes could lead to a reevaluation of EDP's position as a GRI or as a financial, rather than a strategic, stake of the government which could lead to a review of the current one notch rating uplift.

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, and REFER was on 29 October 2009 when their rating outlooks were changed to negative from stable following the change of RoP's rating outlook to negative from stable.

Moody's last rating action on REN was on 28 April 2008, when its rating was first assigned.

Moody's last rating action on ANA was on 8 February 2007 when it changed the rating outlook to stable from positive. This followed RoP's announcement that ANA would be privatized and that it would undertake construction of a new airport for Lisbon.

Moody's last rating action on EDP was on 9 June 2009 when its ratings were downgraded to A3/P2/stable from A2/P1/negative as a result of a failure to recover its financial profile to that commensurate for the rating following a series of investments.

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.

London
Helen Francis
Vice President - Senior Analyst
Global Infrastructure Finance
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
William Coley
VP - Senior Credit Officer
Global Infrastructure Finance
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places certain Portuguese government related issuers on review for downgrade
No Related Data.
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