Moody’s cuts Brazilian water, gas, electric, infrastructure companies

Moody’s America Latina said it took the following rating actions on its portfolio of privately-managed toll roads as well as water, gas and electric utilities and infrastructure companies as a result of the downgrade of Brazil's issuer and bond ratings to Ba2 from Baa3:

• Concessionaria do Sistema Anhanguera-Bandeirantes SA (AutoBAn): Issuer ratings downgraded to Ba2/Aa2.br from Baa2/Aaa.br, under review for downgrade, outlook changed to negative;

• Concessionaria de Rodovias do Oeste de Sao Paulo – Viaoeste SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aaa.br, under review for downgrade, outlook changed to negative;

• Concessionaria da Rodovia Presidente Dutra SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Concessionaria de Rodovias do Interior do Oeste SA (SPVias): Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• CCR SA: Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, outlook changed to negative from stable;

• Conc da Rodovia dos Lagos SA (ViaLagos): Corporate family ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, outlook changed to negative from stable;

• Autovias SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Concessionaria de Rodovias do Interior Paulista SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Centrovias Sistemas Rodoviarios SA: Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa1.br, outlook changed to negative from stable;

• Vianorte SA: Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, outlook changed to negative from stable;

• Rota das Bandeiras SA: Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, outlook remained negative;

• Investimentos e Participacoes em Infraestrutura SA: Corporate family ratings downgraded to B1/Baa1.br from Ba3/A2.br, outlook changed to negative from stable;

• Concessionaria Auto Raposo Tavares SA: Corporate family ratings downgraded to B1/Baa1.br from Ba3/A2.br, outlook changed to negative from stable;

• Linha Amarela SA: Affirmed the Ba2/Aa3.br ratings of the senior secured debentures, outlook changed to negative from stable;

• Concessionaria Bahia Norte SA: Affirmed the B1/Baa1.br corporate family ratings;

• Concessao Metroviaria do Rio de Janeiro SA: Affirmed the Ba2/Aa2.br issuer ratings, outlook changed to negative from stable;

• Concessionaria Rodovias do Tiete SA: Issuer ratings downgraded to B1/Baa1.br from Ba2/Aa3.br, outlook changed to negative from stable;

• Concessionaria das Rodovias Ayrton Senna e Carvalho Pinto SA (Ecopistas): Issuer ratings downgraded to B1/Baa1.br.br from Ba2/Aa3.br, outlook changed to negative from stable;

• Empresa Amazonense de Transmissao de Energia SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aaa.br, under review for downgrade, outlook changed to negative;

• Empresa Paraense de Transmissao de Energia: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Empresa Norte de Transmissao de Energia SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Empresa Catarinense de Transmissao de Energia SA: Issuer ratings downgraded to Ba2 from Ba1 on the global scale and affirmed at Aa2.br on the national scale, outlook changed to negative from stable;

• Transmissora Alianaa de Energia Eletrica SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Transmissora Sul Litoranea de Energia SA: Corporate family ratings downgraded to Ba3/A2.br from Ba1/Aa1.br, outlook changed to negative from stable;

• Bandeirante Energia SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Espirito Santo Centrais Eletricas: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Cia de Gas de Sao Paulo: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Celesc Distribuicao SA: Issuer ratings downgraded to Ba3/A2.br from Ba2/A1.br, outlook remained negative;

• Centrais Eletricas de Santa Catarina SA: Issuer ratings downgraded to B1/Baa1.br from Ba3/A3.br, outlook remained negative;

• Energisa SA: Corporate family ratings downgraded to Ba2 from Ba1 on the global scale and affirmed at Aa2.br on the national scale, outlook changed to negative from stable;

• EDP - Energias do Brasil SA: Corporate family ratings downgraded to Ba3/A2.br from Ba2/Aa3.br, outlook remained negative;

• Light SA: Corporate family ratings downgraded to Ba3/A2.br from Ba2/Aa3.br, outlook remained negative;

• Light Servicos De Eletricidade SA: Issuer ratings downgraded to Ba3/A2.br from Ba2/Aa3.br, outlook remained negative;

• Eletropaulo Metropolitana de Eletricidade de Sao Paulo SA: Issuer ratings downgraded to Ba3/A2.br from Ba2/Aa3.br, outlook remained negative;

• Energest SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Duke Energy International Geracao Paranapanema SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aaa.br, under review for downgrade, outlook changed to negative;

• AES Tiete SA: Issuer ratings downgraded to Ba2/Aa2.br from Baa3/Aa1.br, under review for downgrade, outlook changed to negative;

• Lajeado Energia SA: Issuer ratings downgraded to Ba2 from Ba1 on the global scale and affirmed at Aa2.br on the national scale, outlook remained negative;

• Light Energia SA: issuer ratings downgraded to Ba3/A2.br from Ba2/Aa3.br, outlook remained negative;

• CPFL Energias Renovaveis SA: Corporate family ratings downgraded to Ba3/A2.br from Ba2/A1.br, outlook remained negative;

• Brennand Energia SA: Affirmed the Ba3/A3.br corporate family ratings, outlook changed to negative from stable;

• Brennand Investimentos SA: Affirmed the Ba3/A3.br corporate family ratings, outlook changed to negative from stable; and

• Andrade Gutierrez Participacoes SA: Corporate family ratings downgraded to B1/Baa1.br from Ba2/Aa2.br, outlook changed to negative from stable.

These actions reflect Moody's view that the recent sovereign rating action, as a result of deteriorating economic and fiscal perspectives together with worsening governability and policy paralysis, will negatively affect the credit quality of the companies.

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