S&P rates Energisa BB-

Standard & Poor's said it assigned the BB- corporate credit rating to Energisa SA.

The outlook is stable.

The rating also reflects some weak operating statistics and exposure to the Brazilian electric sector's regulatory framework, S&P said.

Partially offsetting the risks are low debt amortization requirements, improving debt amortization profile and cash flow protection measures, and strong economic growth in Energisa's concession areas, according to the agency.

Energisa' total debt-to-EBITDA ratio fell to 3.16 times for fiscal 2007 from 3.61 times in fiscal 2006.

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