Fitch Gives Energisa Issuances an A

Fitch has given an A local rating to Energisa’s energy distribution subsidiaries’ debenture issuances. The outlook is stable. The issuances rated are Energisa Paraiba’s BRL80m first debentures issuance, due in 2014 with an early redemption option in 2012; Energisa Sergipe’s BRL60m second debentures issuance, due in 2014 with an early redemption option in 2012; and Energisa Minas Gerais’ BRL60m second debentures issuance, due in 2014 with an early redemption option in 2012. The ratings, says Fitch, reflect Energisa’s consolidated credit profile with moderate leverage, adequate debt profile, robust liquidity, resilient and predictable operating cash flow from its five distribution subsidiaries that operate essentially as regulated natural monopolies and benefit from a diversified and growing client base.