S&P gives Cemat, Celpa notes B-

Standard & Poor's said it assigned its B- foreign and local currency corporate credit ratings to Centrais Elétricas Matogrossenses SA (Cemat) and Centrais Elétricas do Pará SA (Celpa) in its global scale.

The outlook is stable.

In addition, S&P said it assigned its B- foreign currency rating to the companies' jointly issued six-year $100 million unconditional, unsubordinated and unsecured senior notes units.

The agency noted proceeds will be entirely used to refinance the companies' short-term indebtedness and to reduce the interest charges from their working capital loans.

If a rating change occurs in one or both of the issuers, the unit notes´ rating will reflect the weaker credit quality of Celpa and Cemat, S&P added.

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