Moody's affirms Rede

Moody's Investors Service said it affirmed the B3 foreign-currency rating assigned to Rede Empresas de Energia Eletrica SA's senior unsecured perpetual notes, which were upsized to $400 million from $200 million, affirmed the company's B2 local-currency and Ba1.br Brazilian national scale corporate family ratings and affirmed the B2 local-currency and Ba1.br Brazilian national scale senior unsecured issuer ratings assigned to subsidiaries Centrais Eletricas Matogrossenses SA - Cemat, Centrais Eletricas do Para SA - Celpa and Companhia de Energia Eletrica do Estado do Tocantins - Celtins.

The outlook is stable

The agency said the affirmation assumes that the additional $200 million will be used to prepay upcoming debt maturities, thus not resulting in any increase in leverage and addressing the significant refinancing requirements in 2007 and 2008.

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