S&P rates Celpe notes brAA-

S&P said it affirmed its BB- global scale and brAA- national scale long-term corporate credit ratings on Neonergia SA and its core subsidiaries, Companhia de Eletricidade do Estado da Bahia (Coelba), Companhia Energetica de Pernambuco (Celpe), Companhia Energetica do Rio Grande do Norte (Cosern) and Elektro Redes SA (Elektro).

The outlook remains stable.

The agency also affirmed the brA-1+ short-term national scale rating on Neoenergia.

At the same time, S&P affirmed the brA+ issue-level ratings on Neoenergia's subsidiaries, NC Energia SA and Termopernambuco SA, based on the parent company's unconditional and irrevocable guarantee of these entities' notes.

Finally, the agency assigned a brAA- rating to Celpe's proposed five-year R$500 million unsecured debentures.

“Neoenergia incorporated its new subsidiary Elektro, which has lower leverage, effectively improving Neoenergia's credit metrics, although we expect them to remain relatively aggressive because of its sizable investment plan, despite recent capitalization,” S&P said in a news release.

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