Moody's ups Empresa Norte de Transmissao

Moody's America Latina said it upgraded Empresa Norte de Transmissao de Energia SA's issuer ratings to Baa3 on the global scale and Aa1.br on the national scale from Ba1 and Aa2.br, respectively.

At the same time, Moody's upgraded the existing R$190 million five-year amortizing senior unsecured debentures issued by Empresa Norte in the local market on Feb. 23, 2011, to Baa3 from Ba1 on the global scale and to Aa1.br from Aa2.br on the national scale.

Moody's said the upgrade to Baa3/Aa1.br was prompted by the steady improvement in Empresa Norte's credit metrics over the past two years.

During this period, Empresa Norte's cash flow has been strong, boosted by lower interest expenses and virtually no capital expenditures, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.