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S&P: Escelsa on negative watch
Standard & Poor's said it placed the BB+ global scale and brAA+ national scale corporate credit ratings on Espirito Santo Centrais Eletricas SA (Escelsa) on CreditWatch negative.
The agency also said it placed the brAA+ national scale corporate credit rating on Escelsa's sister company, Bandeirante Energia SA, on CreditWatch negative.
On Sept. 18, the agency said it placed the BB long-term sovereign rating on the Republic of Portugal on CreditWatch negative.
The agency said it believes there is a reasonable likelihood that Escelsa would be able to withstand Portugal's default.
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