S&P assigns Energipe, Saelpa notes B+

Standard & Poor's said it assigned its B+ global-scale foreign currency ratings to the unconditional, unsubordinated and unsecured 10-year senior notes units to be jointly issued by Empresa Energética de Sergipe SA (Energipe) and Sociedade Anônima de Eletrificação da Paraíba (Saelpa).

S&P said that the senior notes units rating takes into consideration that the Cataguazes Group's regulatory 'de-verticalization' process will be completed with all necessary approvals from creditors and the regulator, without compromising the financial stance of Energipe and Saelpa.

The senior notes units will effectively be subordinated to the secured debt of each issuer, to the extent of the value of the assets securing such debts, the agency added.

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