Fitch affirms ISA Capital

Fitch Ratings said it affirmed ISA Capital do Brasil SA's foreign- and local-currency issuer default ratings at BB.

The outlook is stable.

Ratings are based on the strong credit quality of Companhia de Transmissao de Energia Eletrica Paulista (Cteep), its sole revenue source and only operating asset, the agency said.

Ratings also reflect the noteholders' structural subordination to Cteep's obligations, as well as the company's concession renewal and refinancing risks, Fitch said.

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