Fitch downgrades EDP to "BBB-" with outlook negative
Today, Fitch Ratings ("Fitch") downgraded EDP - Energias de Portugal SA ("EDP"), its finance subsidiary EDP Finance BV ("EDP Finance") and its Spanish subsidiary, Hidroelectrica del Cantabrico ("HC Energia") long-term Issuer Default Ratings to "BBB-" from "BBB+", with negative outlook. Fitch has also downgraded EDP's and HC Energia short-term Issuer Default Ratings to "F3" from "F2" with outlook negative. EDP and HC Energia's ratings have been removed from Rating Watch Negative.
Pursuant to the terms and for the purposes of article 248 of the Portuguese Securities code, EDP - Energias de Portugal SA ("EDP") is providing the following information to the market:
Today, Fitch Ratings ("Fitch") downgraded EDP - Energias de Portugal SA ("EDP"), its finance subsidiary EDP Finance BV ("EDP Finance") and its Spanish subsidiary, Hidroelectrica del Cantabrico ("HC Energia") long-term Issuer Default Ratings to "BBB-" from "BBB+", with negative outlook. Fitch has also downgraded EDP's and HC Energia short-term Issuer Default Ratings to "F3" from "F2" with outlook negative. EDP and HC Energia's ratings have been removed from Rating Watch Negative.
According to Fitch "EDP remains rated above the Portuguese sovereign, and in theory could remain investment grade if Portugal, currently rated "BB+"/Negative, was downgraded to "BB-", depending on the level of economic dislocation at the time."
EDP – Energias de Portugal, S.A.
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