Fitch affirms Energias de Portugal

Fitch Ratings said it affirmed EDP – Energias de Portugal, SA's long-term issuer default rating and senior unsecured rating at BBB, short-term issuer default rating at F2 and hybrid securities at BB+.

The outlook is stable.

“The affirmation reflects EDP's steady credit profile under its recently updated strategic plan as well as our expectation that leverage will remain consistent with the BBB rating in the medium term,” the agency said in a news release.

“The new strategic plan entails higher execution risk, including more ambitious renewable capacity deployment targets, but we believe this is balanced by credit-protection measures, a reduced exposure to emerging markets, and a lower contribution from thermal generation.”

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