S&P affirms Cemat

Standard & Poor's said it affirmed its B- corporate credit rating on Centrais Eletricas Matogrossenses SA (Cemat).

At the same time, S&P said it affirmed the B- foreign currency rating assigned to the six-year $100 million notes issued jointly with its sister company, Centrais Eletricas do Para SA (B-/stable).

The outlook is positive.

From January 2006 to September 2006, Cemat's financial results were negatively affected by the 3.4% drop in energy consumption and past-due federal taxes recently renegotiated with the Federal Revenue Office, the agency said.

Although those events worsened credit metrics during that period, S&P said it affirmed the ratings and maintained the positive outlook because several recent factors should ramp up Cemat's credit-protection measures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.