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Prospect News home > News index > List of issuers E > Headlines for Eletropaulo (Metropolitana Eletricidade de Sao Paulo SA) > News item |
Fitch rates Electropaulo loan BBB(bra)
Fitch Ratings said it assigned a BBB(bra) long-term national scale rating Eletropaulo Metropolitana Eletricidade de Sao Paulo SA's R$300 million syndicated loan facility. The outlook is stable.
The proceeds from the facility will be used for prepayment of the remaining debt previously renegotiated in 2004 and to cover payment of swap adjustments in connection with the dollar portion of the re-profiled debt, fees and taxes.
Fitch said the rating reflects the company's improving credit-protection measures, which should strengthen over the next year, supported by projected growth in operating income and cash flow and the expected reduction in annual debt service. The debt structure includes an amortization schedule that reduces refinancing risk until 2007.
Debt to adjusted EBITDA is 2.6x.
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