S&P goes positive on 30 Brazilian companies

S&P said it revised to positive from stable on all corporate and infrastructure entities with ratings that are directly or indirectly limited by the sovereign. The revisions follow S&P changing the outlook on Brazil to positive from stable.

This group of companies comprises all regulated utilities: Camil Alimentos SA, CESP-Companhia Energetica de Sao Paulo, Cosan SA, Cyrela Brazil Realty SA, Empreendimentos e Participacoes, Rede D’Or Sao Luiz SA, MRS Logistica SA, EDP Espirito Santo Distribuicao de Energia SA, Neoenergia SA, Companhia de Eletricidade do Estado da Bahia, Companhia Energetica de Pernambuco (CELPE) Companhia Energetica do Rio Grande do Norte, Energisa SA, Energisa Sergipe-Distribuidora de Energia SA, Energisa Paraiba-Distribuidora de Energia SA, and Transmissora Alianca de Energia Eletrica SA.

“The following entities have a number of credit strengths that, in our opinion, would contribute to some insulation from a potential sovereign stress. In this group, we have a wide array of entities, from companies with assets and clients mostly in Brazil but that have very low leverage (generally the weaker SACPs in this group), to companies with a global footprint or that are export-oriented with demand that doesn’t correlate to Brazil’s economy (the strongest SACPs in this group),” said S&P in a press release.

The companies are: Ache Laboratorios Farmaceuticos SA, Ambev SA, Globo Comunicacao e Participacoes SA, Localiza Rent a Car SA, Ultrapar Participacoes SA, Raizen Combustiveis SA and Raizen Energia SA, jointly referred to as Raizen SA and Votorantim SA.

S&P also revised the outlook to positive on two government-owned entities it rates, Eletrobras-Centrais Eletricas Brasileiras SA and Petrobras.

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