Fitch gives Energisa debentures A(bra)

Fitch Ratings said it has assigned long-term national ratings to Energisa SA subsidiaries' debenture issuances, adding that the proceeds will be used to lengthen the companies' debt profile and, to a lesser extent, to finance their capex programs.

Affected ratings include:

• Energisa Paraiba Distribuidora de Energia SA's 80 million reais first debentures issuance due in 2014, with an early redemption option in 2012, A(bra);

• Energisa Sergipe Distribuidora de Energia SA's 60 million reais second debentures issuance due in 2014, with an early redemption option in 2012, A(bra); and

• Energisa Minas Gerais Distribuidora de Energia SA's 60 million reais second debentures issuance due in 2014, with an early redemption option in 2012, A(bra).

The outlook is stable.

Energisa and its subsidiaries have the following corporate ratings assigned by Fitch: long-term local currency issuer default ratings BB- and the national-scale rating A(bra).

According to Fitch, the ratings reflect Energisa Group's consolidated credit profile with moderate leverage, adequate debt profile, robust liquidity, resilient and predictable operating cash flow from its five distribution subsidiaries that operate essentially as regulated natural monopolies and benefit from a diversified and growing client base.

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