S&P: Neonergia to negative

Standard & Poor’s said it revised the outlook on Neonergia SA and its subsidiaries, Companhia de Eletricidade do Estado da Bahia (Coelba), Companhia Energetica de Pernambuco (Celpe) and Companhia Energetica do Rio Grande do Norte (Cosern) to negative from stable.

S&P also said it affirmed the BBB- global scale and brAAA national scale corporate credit ratings on these companies.

The agency also affirmed the brAA+ ratings on Neoenergia’s subsidiaries, Termopernambuco SA and Itapebi Geracao de Energia SA, based on the parent company’s unconditional and irrevocable guarantee of the notes issued by these entities.

The financial risk profile assessment on Neoenergia also was revised to significant from intermediate due to its more aggressive leverage ratios, S&P added.

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