Fitch rates Celpa, Cemat notes B

Fitch Ratings said it assigned a B rating to the $100 million six-year notes units issued in February by Empresas Centrais Eletricas de Mato Grosso (Cemat) and Centrais Eletricas do Para (Celpa), which reflect the combined credit quality of the two issuers.

In addition, Fitch has assigned local and foreign currency issuer default ratings of B and Brazilian national scale ratings of BBB(bra) to Cemat, Celpa and their holding company, Grupo Rede Empresas de Energia Eletrica SA (Rede).

All ratings have a stable outlook.

Fitch said the combined credit profiles of Rede, Cemat, Celpa and other distribution companies are supported by a broad, diversified and stable customer base. Average consumption growth in the territories of the three operating companies has exceeded the national average over the past five years. Future improvement in operating cash flow should also benefit from improving operating efficiencies and a more favorable economic environment.

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