[MLT] Ratings On Rede Energia?s Subsidiaries Affirmed; Cemat And Celtins Outlook Revised To Stable From Negative Dec 11
- Language: English
- Published: December 2011
The ratings on Brazilian electric utility Centrais Eletricas do Para S.A. (Celpa) reflect the following risks: High refinancing risk due to the low debt profile and limited financial flexibility. The company has a significant amount of short-term maturities to deal with (299 million Brazilian reales (BrR) as of September 2005), and Standard & Poor's views its access to funding as limited due to its aggressive financial risk profile and the high leverage of Rede de Empresas de Energia Eletrica (Rede Group), Celpa's controlling shareholder, in general. Tight cash flow protection measures. Celpa is expected to continue having negative free cash flow in the coming years, adding to its challenges in rolling over its debts. An aggressive capital expenditure program. Celpa...
Companies mentioned in this report are: Centrais Eletricas do Para S.A.
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Centrais Eletricas do Para S.A.