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Increased Regulatory Risk,Tighter Credit Availability Lead to Downgrade on Brazilian Utilities Oct 02
Standard & Poors, Oct 2002
Abstract
NEW YORK (Standard & Poor's) Oct. 23, 2002--Standard & Poor's Rating Services said today it lowered the ratings on several Brazilian utilities (see list) because of higher regulatory risks and tight credit availability affecting Brazilian companies in general. Most of the local currency and national scale ratings were lowered by one or two notches to reflect this more negative regulatory environment. The companies whose global scale local currency ratings are now single-'B'-plus or double-'B'-minus, the top of the range for companies in the industry in Brazil, have in some way mitigated exposure to the depreciation of the currency (such as through hedging techniques or lack of reliance on dollar denominated borrowings); their refinancing needs for 2002 and 2003 are relatively...
Companies mentioned in this report are: AES Sul Distribuidora Gaucha de Energia S.A.,Electricite de France S.A.,Brazil (Federative Republic of),Enersis S.A.,Banco Nacional de Desenvolvimento Economico e Social,Eletrobras-Centrais Eletricas Brasileiras S.A.,Espirito Santo Centrais Eletricas S.A.,Companhia de Saneamento Basico do Estado de Sao Paulo,Ampla Energia e Servicos S.A,Light Servicos de Eletricidade S.A.,Companhia de Eletricidade do Estado da Bahia ,Rio Grande Energia S.A.,Companhia Energetica do Rio Grande do Norte,Companhia Forca e Luz Cataguazes-Leopoldina,CESP-Companhia Energetica de Sao Paulo,Companhia Paulista de Forca e Luz
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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