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Prospect News home > News index > List of issuers E > Headlines for Empresa Energética de Sergipe SA - Energipe > News item |
Fitch rates Energisa BB-
Fitch Ratings said it assigned local- and foreign-currency issuer default rating of BB- to Energisa SA and its subsidiaries Empresa Energetica de Sergipe SA, Sociedade Anonima de Eletrificacao da Paraiba and Companhia Forca e Luz Cataguazes-Leopoldina.
Fitch assigned a long-term national scale rating A(bra) to Energipe and Saelpa, and to Energipe's $42 million eight-year first issuance of subordinated debentures guaranteed by Energisa. Fitch affirmed the BB- rating for the $250 million seven-year notes issuance of Energipe and Saelpa.
The outlook is stable.
Proceeds will be used to prepay existing debt.
Ratings are supported by the consolidated credit profile of Group Energisa, with moderate leverage and an adequate debt profile in relation to the expected operating cash flow generation, the agency said.
Ratings also consider that the main subsidiaries of the group operate in a regulated and monopolistic electric energy market with a diversified and growing client base, Fitch said.
By the end of 2008, the issuer's total adjusted debt-to-EBITDA ratio could be close to 2.5 times, the agency said.
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