Sintra, City of -- Moody's changes outlook on ratings of Portuguese sub-sovereigns to stable from negative; ratings affirmed

Madrid, November 12, 2013 -- Moody's Investors Service, ("Moody's") has today changed the outlook on the ratings of Portuguese sub-sovereigns to stable from negative. Concurrently, Moody's has affirmed the City of Sintra at Ba3, and the Regions of Azores and Madeira at B1 and B3, respectively. These rating actions follow the change in outlook on the Portuguese sovereign rating on 8 November 2013. For full details, please refer to the sovereign press release (https://www.moodys.com/research/Moodys-changes-outlook-on-Portugals-Ba3-rating-to-stable-from--PR_285685).

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