S&P affirms Escelsa ratings

Standard & Poor's said it affirmed its B+ foreign- and local-currency ratings on Espírito Santo Centrais Elétricas SA (Escelsa) and removed the ratings from CreditWatch with developing implications. In addition, the B+ rating on the $431 million senior notes program was removed from CreditWatch with developing implications.

The outlook now is stable.

S&P said the ratings were placed on CreditWatch with developing implications due to the uncertainty surrounding the significant ownership restructuring of EDP Brasil's assets in Brazil and the potential effects on Escelsa's balance sheet and cash generation. It also reflected S&P's expectations that the company's financial profile would remain aggressive in the absence of a positive ownership-restructuring outcome.

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