Summary: Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. Apr 06
- ID: 1834158
- April 2006
- Standard & Poors
The local and foreign currency corporate credit rating assigned to Brazilian electric utility Eletropaulo Metropolitana Eletricidade de São Paulo S.A. and its US$200 million senior unsecured and unsubordinated euro bonds is 'B+'. The outlook is stable. The rating reflects Eletropaulo's improvement in cash flow protection measures and its quick return to the domestic and international credit markets. The company's creditworthiness enhancement during 2005 was faster than we had expected, and are mostly evidenced by the full placement of a Brazilian real (BrR)-linked US$200 million euro bond in June 2005 and two debentures issues, in September (BrR800 million) and December (BrR250 million), both due in 2010. Considering that Eletropaulo has been posting adequate--and increasing--cash generation since 2004, comparing positively with other...
Companies mentioned in this report are:
- Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
- The AES Corp.
- Banco Nacional de Desenvolvimento Economico e Social
- AES Tiete S.A.
- Brasiliana Energia S.A.
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