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Bulletin: Ratings On Neoenergia Are Not Immediately Affected By Announced Acquisition By Shareholder Iberdrola Jan 11
Standard & Poors, Jan 2011
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.
Abstract
SAO PAULO (Standard & Poor's) Jan. 20, 2011--Standard & Poor's Ratings Services said today that its 'BBB-' ratings on Brazil-based electric group Neoenergia S.A. are not immediately affected by the announcement by its shareholder Iberdrola S.A. (A-/Negative/A-2) that it will acquire the control of Brazil-based electricity distribution company Elektro Eletricidade e Servi-os S.A. (Brazil National Scale: brAAA/Stable/--). Iberdrola has commented that it intends to combine the operations of Neoenergia, in which it holds a 39% stake, with those of Elektro. However, any combination of the two entities, if proposed by Iberdrola, would depend on the approval of the other shareholders of Neoenergia (Caixa de Previd-ncia dos Funcion-rios do Banco do Brasil - Previ and Banco do Brasil. We will monitor...
Companies mentioned in this report are: Neoenergia S.A.,Iberdrola S.A.
Action: Bulletin
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