Moody’s rates Energest debt Ba2/Aa2.br

Moody's America Latina said it assigned a Ba2 rating on the global scale and Aa2.br on the national scale to the senior unsecured amortizing debentures of R$90 million of to be issued by Energest SA in the local market.

At the same time, the agency affirmed Energest's Ba2/Aa2.br issuer ratings.

The outlook is negative for all ratings.

Energest's Ba2/Aa2.br issuer ratings reflect the company's strong credit metrics and expertise in operating hydro plants and the implicit support of its shareholder EDP Energias do Brasil SA (EDB; Ba3/A2.br negative), Moody’s said.

The debentures issuance will consist of two series with maturities of two and four years, respectively. Final amounts in each series will result from a book building process.

Energest will use the proceeds to strengthen its cash position to help meet its short-term cash needs consisting of short-term debt and payment of dividends.

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