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Moody's gives Companhia Energetica de São Paulo notes B3
Moody's Investors Service said it assigned a B3 foreign currency rating to Companhia Energetica de São Paulo's (CESP) $300 million notes due March 2011.
The notes are issued under the company's $800 million medium-term notes program, recently rated B3 by Moody's.
The outlook is stable.
The agency said the rating reflects the B2 global-local currency corporate family rating of CESP and the structural subordination of the notes issued under the note program to the existing secured debt of CESP, estimated at about 25% of the company's total adjusted debt as of Sept. 30.
The baseline rating of CESP reflects Moody's view of the very high fundamental credit risk of CESP and consequently, of a high likelihood that the company will require an extraordinary bailout in the foreseeable future.
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