On July 3, 2008, Standard & Poor's Ratings Services ("S&P") revised its outlook on EDP - Energias de Portugal, S.A. ("EDP") to stable from negative reflecting the improvement in EDP's financial profile following the partial IPO of its renewable arm, which generated proceeds of €1.56bn, which shall be used to reduce debt and fund this business" capital expenditures.

At the same time, Standard & Poor's affirmed its "A-/A-2" long and short-term corporate credit ratings on EDP.

EDP - Energias de Portugal, S.A.