Companhia de Energia Eletrica do Estado do Tocantins Feb 10

Standard & Poors, February 2010

Abstract
Weakened liquidity position; Exposure to foreign currency-denominated debt; Limited capacity to reduce debt levels, as result of negative free operating cash flow; Extremely weak operating statistics: and Exposure to the Brazilian electric sector's regulatory framework, although it has had a positive track record over the past six years. Strong demand in its concession area; Exclusive right to distribute electricity in the State of Tocantins; and A customer profile largely based on residential and commercial segments. The rating on the Brazilian electric utility Companhia de Energia Eletrica do Estado do Tocantins (Celtins) is based on its stand-alone credit profile (SACP), which is in accordance with our criteria for government-related entities (GRE; see related research below). In our opinion, there is "low"...

Companies mentioned in this report are: Companhia de Energia Eletrica do Estado do Tocantins,Centrais Eletricas Matogrossenses S.A.,Centrais Eletricas do Para 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

Companhia de Energia Eletrica do Estado do Tocantins,Centrais Eletricas Matogrossenses S.A.,Centrais Eletricas do Para S.A.

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