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Moody's rates Mega Energia notes B3/Ba2.br
Moody's America Latina said it assigned a B2 corporate family rating in the global scale and Baa3.br in the national scale to Mega Energia Locacao e Administracao de Bens SA.
At the same time, the agency assigned a B3 global scale local currency rating and a Ba2.br national scale rating to the company's R$70 million senior unsecured five-years debentures issued in September 2013.
The outlook is stable.
Moody's said the debentures were rated one notch below Mega Energia's corporate family rating given the high amount of secured debt in the company's capital structure (about 55% of total reported debt as of December 2013). For this reason, the debentures are seen as structurally subordinated to the secured debt and, therefore, as having a lower principal recovery prospect in the event of distress.
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