- Language: English
- Published: October 2012
- Region: Brazil
Summary: Energisa S.A.
- Published: May 2011
- Standard & Poors
The ratings on Brazil-based energy group Energisa S.A. (Energisa) and its subsidiaries Energisa Paraiba - Distribuidora de Energia S.A. (Energisa Para-ba) and Energisa Sergipe - Distribuidora de Energia S.A. (Energisa Sergipe) reflect Energisa's still aggressive financial profile, resulting from high debt leverage and increasing capital spending; weak efficiency metrics at some of its subsidiaries (especially at Energisa Para-ba); and some exposure to currency mismatches because of significant dollar-denominated debt (although 100% hedged). Partly offsetting these negative factors is our expectation that rising electricity demand in Energisa's concession areas will likely lead to higher cash generation and stronger credit metrics. We also factor into our ratings the stable regulatory framework (despite some intermediate term uncertainties as to tariff resets) and Energisa's...
Companies mentioned in this report are: Energisa S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >