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Moody's rates Duke bonds Aa3.br, Ba2
Moody's Investors Service said it assigned a Aa3.br Brazil national scale rating and Ba2 local-currency rating to the proposed floating-rate senior unsecured debentures expiring in 2013 and 2015 to be issued by Duke Energy International Geração Paranapanema SA in the domestic market.
The outlook is stable.
Ratings are one notch below Duke's corporate family ratings because secured debt owed to Eletrobrás could represent a significant portion of the utility's total debt over the medium term, according to the agency.
The Aa3.br national scale rating assigned to the debentures reflects the standing of the company's credit quality relative to its domestic peers, the agency said.
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