ARC Ratings, S.A. (ARC Ratings) has affirmed the “BB+” rating accorded to the EUR 360.0 million bond loan issued by ENMC – Entidade Nacional para o Mercado de Combustíveis, E.P.E. (ENMC), on 6 August 2008. ARC Ratings also changed the rating outlook to stable, from negative, driven by the recovery in oil prices, that is expected to be sustainable according to consensus forecasts, and, consequently, the recovery of the coverage of financial debt by the oil products reserves at market value, and increase of investments in debt securities issued by the Portuguese Government. In addition, ARC assumes that, in the under-study reorganization of public entities with responsibilities in the energy sector in Portugal, ENMC will maintain its main duty of being the Portuguese central stockholding entity in the constitution and maintenance of the strategic portion of national emergency reserves of oil and oil products and, as a consequence of this role, should also remain a “State corporate entity”.