Portugal's EDP hit by Brazil FX rate, but sees improvements -CEO
LISBON, Sept 22 (Reuters) - Portugal's largest company, EDP-Energiias de Portugal, has suffered from a depreciation of the Brazilian currency, the real, but has a long-term strategy for the Latin American country and expects it to overcome its economic and political problems, its CEO said.
"We have a structural position there, we believe it is a country that has every condition to do well from the point of view of its resources, its growth dynamics," he told reporters on the fringes of a conference in Lisbon.
"It has problems in the political field and with investor risk perception that will certainly be overcome sooner or later," he added, saying that the utility sector in Brazil is "very well conceived". Still, he added that the real's depreciation was "obviously a problem", especially after this month's downgrade of Brazil's credit rating to "junk". (Reporting By Daniel Alvarenga, writing by Andrei Khalip)
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