Moody's turns off Light ratings

Moody's Investors Service said it downgraded Light SA's corporate family rating to Ca from Caa3. The agency also cut the issuer and backed senior unsecured ratings of its operating subsidiaries Light Servicos De Eletricidade SA (Light SESA) and Light Energia SA, both guaranteed by Light, to Ca from Caa3.

The outlooks remain negative.

“These actions follow the court approval of Light's judicial recovery request under the Brazilian bankruptcy and reorganization law. The judicial recovery in Brazil is the closest equivalent to Chapter 11 of the U.S. Bankruptcy Code,” the agency said in a press release.

After today's actions, Moody's said it will withdraw the ratings due to Light's bankruptcy filing.

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