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Brazil-Based Utility CERJ's Outlook Revised to Stable Sep 04
Standard & Poors, Sep 2004
Abstract
NEW YORK (Standard & Poor's) Sept. 27, 2004--Standard & Poor's Ratings Services said today it revised its outlook on the ratings of Brazilian electric utility Companhia de Eletricidade do Rio de Janeiro (CERJ) to stable from negative, and affirmed its 'BB-' foreign and local currency corporate credit ratings assigned in its global scale. The outlook change follows the refinancing of CERJ's short-term bank debt with a three-year, Brazilian reais (BrR) 294 million debenture placement in July 2004, and evidence of stable financial performance in the first half of 2004. Since 2002, CERJ has had about BrR400 million of short-term bank debt, which represented a rollover pressure to the company as those transactions were spread out with several creditors with shortened...
Companies mentioned in this report are: Ampla Energia e Servicos S.A,Endesa S.A.,Enersis S.A.,EDP - Energias de Portugal, S.A.
Action: Affirmed
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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