S&P rates Eletrobras notes brAAA

S&P said it assigned its brAAA Brazil national scale issuer credit rating to Eletrobras-Centrais Eletricas Brasileiras SA (Eletrobras).

At the same time, S&P assigned a brAAA issue-level rating to Eletrobras’ proposed R$5 billion debentures in four series with final maturity in 2029.

Eletrobras will use the proceeds of this issuance for refinancing purposes and to strengthen its cash position.

The outlook is stable.

“The brAAA issuer credit rating reflects Eletrobras' close relationship with its controlling shareholder, Brazil (BB-/stable/B), and the latter's incentives, capacity, and tools to support the company if extraordinary support is needed,” S&P said in a news release.

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