Moody's rates Companhia Energetica de São Paulo MTN program B3

Moody's Investors Service said it assigned a B3 foreign currency rating to Companhia Energetica de São Paulo - CESP's $800 million medium-term notes program.

Concurrently, Moody's said it affirmed CESP's B2 global local currency corporate family rating.

The ratings' outlook is stable.

The agency noted the B3 rating assigned to the company's $ 800 million unsubordinated unsecured medium-term notes program reflects the B2 corporate family rating of CESP and the structural subordination of the notes issued under the MTN Program to the existing secured debt of CESP, estimated at about 25% of the company's total adjusted debt as of Sept. 30.

The agency added the B3 rating of the MTN program is not constrained by Brazil's current Ba3 sovereign ceiling.

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