Brazil utility Saneatins completes bond issue
The water utility of northern Brazil's Tocantins state, Saneatins, raised 190mn reais (US$51mn) in a bond issue.
The 2022 bonds were issued in two series, one of 50mn reais and the second of 140mn, according to Moody's, which rated the issue 'Ba2'.
"Moody's views Saneatins' liquidity profile as adequate. As of June 2018, the company had 17mn reais in available cash and 57mn reais in debt in short term debt maturities," said the rating agency. "While Moody's expects the very large capital expenditures program will result in Saneatins generating negative free cash flow generation in the foreseeable future, the agency anticipates that the company will be able to cover those cash needs through pre-approved bank loans mainly from Caixa Economica Federal."
Saneatins is controlled by private sector company BRK Ambiental.
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