Annual Report - EDP

: financial report :amount of EUR 125 million, in July one projectfinance in Belgium in the amount of EUR 57million and in December a project financein Romenia in the amount of EUR 57 million.Maintaining a prudent financial managementpolicy, by December 2012 EDP Group had accessto EUR 1,883 million of available credit linesand EUR 300 million of commercial paper withunderwriting commitment, fully available. It is theGroup’s policy to diversify its liquidity sourcesthrough high credit standing banks.Additionally the Group has a EUR 1,000 millionEuro Commercial Paper programme (ECP) atEDP SA level and a EUR 500 million “Pagarés”programme at HC. Both programmes are notcommitted, being used for the Group shortterm treasury management. As at 31 December,the total amount issued of ECP and “Pagarés”amounted to EUR 21.7 million.In 2012, the average cost of debt of the EDPGroup was 4% and approximately 44% of its debtand borrowings had a fixed rate.In terms of currencies, Euro continues to be themain funding currency of EDP at 74%. The USDfinancing contracted to fund the capex of theGroup’s US subsidiary justifies the exposureto USD of 18%.5.1.5. RatingIn February 2012, following the downgradeof the sovereign, Standard & Poor’s (“S&P”)downgraded EDP’s rating to “BB+” from “BBB“with negative outlook and Moody’s downgradedEDP’s rating to “Ba1” from “Baa3” with negativeoutlook.In August 2012, Fitch downgraded EDP’s ratingto “BBB-” from “BBB+”, with negative outlook.The downgrade was driven by the decliningpredictability of the regulatory environmentin Portugal and Spain.EDP’s credit rating stands as at December 2012two notches above the Republic of Portugal byMoody’s and one notch by Standard and Poor’sand by Fitch.Global scale S&P Last update Moody’s Last update Fitch Last updateEDP S.A. e EDP Finance BV BB+/OUT-/B 26/9/12 Ba1/OUT-/NP 17/8/12 BBB- / OUT- / F3 2/8/12HC Energia Ba1/OUT-/NP 17/8/12 BBB- / OUT- / F3 2/8/12EDP Brasil Ba1/Aa2.br/Stab 26/4/12Bandeirante brAA+/Stab 30/4/12 Baa3/Aa1.br/Stab 22/5/12Escelsa BB+/brAA+/Stab 30/4/12 Baa3/Aa1.br/Stab 24/4/12158A World Full Of Energy