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Fitch downgrades Energisa
Fitch Ratings said it removed from Rating Watch negative and downgraded the ratings on Energisa SA and its subsidiaries.
The downgrades include Energisa's foreign-currency issuer default rating to BB- from BB, local-currency issuer default rating to BB- from BB and long-term national scale rating to A(bra) from A+(bra).
Energisa Paraiba - Distribuidora de Energia SA's foreign-currency issuer default rating was downgraded to BB from BB+, local-currency issuer default rating to BB from BB+, long-term national scale rating to A+(bra) from AA-(bra) and long-term national rating on its R$80 million first debentures issuance due in 2014 to A+(bra) from AA-(bra).
Energisa Sergipe - Distribuidora de Energia SA's foreign-currency issuer default rating to BB from BB+, local-currency issuer default rating to BB from BB+, long-term national scale rating to A+(bra) from AA-(bra), long-term national rating on its R$60 million second debentures issuance due in 2014 to A+(bra) from AA-(bra).
Energisa Minas Gerais - Distribuidora de Energia SA's foreign-currency issuer default rating was lowered to BB from BB+, local-currency issuer default rating to BB from BB+, long-term national scale rating to A+(bra) from AA-(bra), long-term national rating on its R$60 million seventh debentures issuance due in 2014, to A+(bra) from AA-(bra).
The outlook is stable.
The downgrades reflect the pressure expected on Energisa's consolidated credit metrics from its recently concluded acquisition of Grupo Rede, Fitch said.
The agency also said it considered the challenges Energisa will face in improving the currently below-average operational performance and cash-flow generation of the eight distribution companies acquired.
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