DBRS Publishes Updated Methodology: Rating Portuguese Electricity Tariff Securitisations

DBRS Ratings Limited (DBRS) has today published an updated version of its methodology for the rating approach to Portuguese electricity tariff securitisations. This methodology, effective as of the date of this press release, supersedes the previous methodology dated July 14, 2011.

This methodology concentrates on the securitisation of electricity tariff receivables recognised under Portuguese Law. The predominant focus of the methodology is the legal and regulatory framework in addition to a discussion of the liquidity risks and the parties responsible for mitigating those risks.

In the updated methodology, DBRS changed the maximum uplift limited to two notches above the Sovereign rating.

Accordingly, all outstanding Portuguese electricity tariff transactions will be reviewed and rating actions published as soon as possible.

DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.