S&P: Petrobras Energia, Transener unchanged

Standard & Poor's said its ratings on Petrobras Energia SA (PESA, FC: B/stable) and Compania de Transporte de Energia Electrica en Alta Tension Transener SA (B-/stable) are not affected by the recent announcement that PESA has reached an agreement to sell its 50% equity stake in Citelec SA to Eton Park Capital Management (unrated) plus a participation in the potential earnings deriving from the future global renegotiation of Transener's concession contract.

The agency noted that Citelec SA is a holding company that owns 52.65% of Transener.

In the case of PESA, since the divestment was already expected and given that the agency does not consider such a stake as a significant driver of the company's profitability or cash generation, PESA's credit quality would not be affected.

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