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Prospect News home > News index > List of issuers E > Headlines for Eletropaulo Metropolitana de Eletricidade de Sao Paulo SA > News item |
Moody’s elevates Eletropaulo
Moody's Investors Service said it upgraded the corporate family rating and long-term senior unsecured ratings of Eletropaulo Metropolitana de Eletricidade de São Paulo SA to Ba1 from Ba2 on the global scale and to Aaa.br from Aa3.br on the Brazilian national scale.
The outlook is stable.
The agency said the action was prompted by the company's successful issuance of R$3 billion backed senior unsecured amortizing debentures with final maturity date in 2025, which provides additional credit linkages to the company's new direct and indirect shareholders.
The transaction is part of a liability management strategy to refinance about two-thirds of Eletropaulo's reported gross debt at lower costs, Moody’s said.
The agency said the transaction is backed by indirect shareholder Enel Brasil SA, and in turn, the debt raised by Enel Brasil and a sister company to purchase Eletropaulo is backed by a guarantee from Enel Americas SA (Baa3, negative).
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