Moody's rates AES Tiete notes Baa3/Aa1.br

Moody's America Latina said it assigned Baa3 and Aa1.br ratings on the global scale and on the Brazilian national scale rating, respectively, to the R$300 million senior unsecured debentures to be issued by AES Tiete SA in the next few weeks.

At the same time, the agency affirmed AES Tiete's Baa3/Aa1.br issuer ratings on the global and national scales, respectively.

In addition, Moody's affirmed the Ba1/Aa2.br ratings of the company's outstanding subordinated debentures, which mature in April 2015, and the Baa3/Aa1.br ratings of the R$498 million unsecured debentures issued in May 2013.

The outlook is stable.

Moody's said the Baa3 issuer rating reflects AES Tiete's strong credit metrics for the rating category, primarily as a result of its stable and predictable cash flows derived from the power purchase agreement that was executed with its affiliate Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (Ba1/Aa2.br; stable outlook).

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