Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. Dec 06

Standard & Poors, December 2006

Abstract
Improved cash flow protection measures, Increasing access to the domestic and international credit markets, Minimal exposure to foreign-currency-denominated debt, and Favorable customer mix. Still-leveraged capital structure (total debt to total capitalization of 70% in June 2006), Relatively short (but improving) debt amortization profile, Significant level of tax provisions that might be enforceable in the medium term, and Exposure to the Brazilian electric sector's regulatory framework. On Nov. 6, 2006, Standard & Poor's Ratings Services raised the ratings on Brazilian electric utility Eletropaulo Metropolitana Eletricidade de São Paulo S.A. (Eletropaulo) and its Brazilian real (BrR) 474 million senior unsecured and unsubordinated euro bonds to 'BB-' from 'B+'. On the Brazil national scale, the 'brBBB+' corporate credit rating was raised to 'brA-'....

Companies mentioned in this report are:
- Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
- The AES Corp.
- Banco Nacional de Desenvolvimento Economico e Social
- Espirito Santo Centrais Eletricas S.A.
- Ampla Energia e Servicos S.A
- Brasiliana Energia S.A.

Action: Review

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: Full Analysis

- Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
- The AES Corp.
- Banco Nacional de Desenvolvimento Economico e Social
- Espirito Santo Centrais Eletricas S.A.
- Ampla Energia e Servicos S.A
- Brasiliana Energia S.A.

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