Moody's: Energisa, notes Ba2

Moody's Investors Service said it assigned a Ba2 global-scale rating and Aa3.br Brazilian national scale rating to R$200 million five-year senior unsecured debentures that will be issued by Energisa SA.

The company has a corporate family rating of Aa3.br and Ba2 corporate family rating.

The outlook is stable.

The proceeds will be used to finance its pipeline of new generation assets, Moody's said.

Moody's also said it assigned a Ba2/Aa3.br rating to the company's senior unsecured debentures based on the company's solid credit metrics, strong electricity sales growth in the concession areas in the States of Paraiba and Sergipe and healthy liquidity position.

The company will continue to produce solid credit metrics, the agency said, and its mix of business will remain largely focused on electricity distribution.

Energisa's sizable capital expenditure program, which will increase its participation in the unregulated electricity generation business, is a constraint on the ratings, Moody's said.

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