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S&P cuts distributors' ratings, outlook negative

Bnamericas Published: Friday, May 29, 2009
S&P has downgraded the long-term corporate credit ratings of Brazilian power companies Celpa, Cemat and Enersul to CCC+, B- and brBBB+, respectively. The ratings were removed from creditwatch with negative implications and the outlook is negative, S&P said in a report. The agency also changed to negative from positive the outlook on utility Celtins, but reaffirmed the company's long-term corporate credit at B+. "We are concerned with the strategy of short-term debt refinancing and with the liquidity of these four Brazilian distribution companies," S&P said. The distributors belong to Brazilian power holding company Rede Energia. For S&P's report in Portuguese, go to this link

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