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All three main rating agencies classify Brazil's government paper as investment grade.
The other two main rating agencies, S&P and Fitch, had already downgraded Spanish government debt in the spring.
"The main rating agencies all regard the state guarantee as a key factor in assessing E.D.F.'s risk of insolvency," the commission said.
Spain's credit rating has gradually been lowered by the main rating agencies, with Moody's expected to deliver another blow to Madrid as early as this weekend.
History seemed to show that the most important predictor of whether people defaulted on their mortgages was their "FICO" score (named after the Fair Isaac Corporation, which developed the main rating system).
Dividend cuts are usually announced closer to the effective date, but downward pressure on the company's stock and concern that the main rating agencies — Standard & Poor's and Moody's Investors Service — would lower the company's credit rating prompted the early announcement, analysts said.
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The E.C.B.'s main rate is 1.5 percent.
Ireland's main rate of corporation tax is 12.5%.
The Bank of England has cut its main rate four times this year.
On April 30th it lowered its main rate from 14% to 12.5%.
The Bank of England, which cut rates seven times last year, left its main rate at 4percentt.
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