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18 Jun 2001
A Moody's Atribui as Classificações Prime-2 e BR-1 para a Emissão da Companhia de Saneamento do Parana - Sanepar e, as Classificações Corporativas Baa1 e Aaa.br, na Escala Global de Moeda Local e Escala Nacional, Respectivamente.
R$ 74 milhões de titulos de divida classificados.
Nova Iorque, June 18, 2001 -- A Moody's atribuiu as classificações Prime-2 (Escala
Global de Moeda Local) e BR-1(Escala Nacional para o Brasil) a
emissão de "Commercial Papers" da Companhia de Saneamento do Parana
- Sanepar, no valor de R$ 74 milhões,
venciveis em um ano. A Moody's tambem atribuiu a
empresa as classificações corporativas Baa1 e Aaa.br,
na Escala Global de Moeda Local e Escala Nacional para o Brasil,
respectivamente. A perspectiva e estavel.
Os titulos de divida não oferecem garantia.
A classificação Aaa.br na Escala Nacional para o
Brasil da Moody's indica um emissor ou emissão com o mais alto
nivel de idoneidade crediticia comparativamente a outros
emissores locais. A classificação Baa1 na Escala
Global de Moeda Local, que compara o emissor a todos emissores no
mundo e incorpora a maioria dos riscos relacionados ao Brasil (inclui
a potencial volatilidade da economia brasileira, excluindo,
entretanto, o risco de conversibilidade da moeda), indica
um emissor com caracteristicas de grau de investimento.
A Sanepar e uma empresa de distribuição de agua
e saneamento basico que provê serviços a municipios
mediante contratos de concessão de longo prazo. A empresa
atende uma população superior a 7,5 milhões
de habitantes no estado do Parana. Seu capital votante e
60% detido pelo Governo do Estado do Parana e 39,71%
pela Dominó Holdings, uma empresa de participações
formada pela Vivendi Environnement (classificada A3 pela Moody's para
emissão sênior sem garantia), Andrade Gutierrez Concessões
S.A., Opportunity Dalleth e Copel (Companhia Paranaense
de Energia Eletrica).
A Sanepar devera utilizar os recursos oriundos dessa emissão
para fortalecer sua base de capital e prover melhorias a sua rede.
A empresa pode ainda utilizar-se de linhas de financiamentos bancarios
aprovadas para fazer frente a necessidades de recursos adicionais,
ou, possivelmente, emitir ações preferenciais
em futuro próximo.
O programa de reforço de capital tem como principal objetivo trazer
melhorias ao processo de saneamento basico, visando atender
os requisitos para emissão de efluentes, aumentar a produção
de agua tratada e sua distribuição e outras melhorias
em seu sistema operacional, em conformidade com o plano plurianual
de investimentos da Sanepar. Na opinião da Moody's,
o tamanho e objetivo do programa apresentam pouco risco a empresa
em razão de sua abrangência, sendo tambem sustentado
por processos de longo prazo. Adicionalmente, a empresa objetiva
expandir sua cobertura de saneamento basico para atingir cerca
de 60% de sua atual base de consumidores de agua nos próximos
As classificações da Moody's refletem:
· Serviço de utilidade pública essencial fornecido
a grande população, com base de clientes diversificada;
· Participação de 60% do Governo do Estado
do Parana em seu capital votante;
· Histórico de ajuste de tarifas regular e, por vezes,
substancial, balanceado pela necessidade da aprovação
por parte do Governo Estadual;
· Situação de direitos semi-monopolista com
contratos de concessão de longo prazo e limites para competição
· Bom sistema operacional, com perdas totais de 38%;
· Sistema de cobrança adequado, sustentado por processos
que permitem difusão;
· Fortes indices de cobertura do serviço da divida
e habilidade projetada para fazer frente a cobertura do serviço
da divida ante cenarios adversos;
· As projeções financeiras da empresa mostram EBITDA
superior a R$ 350 milhões anuais ao longo dos próximos
A Companhia de Saneamento do Parana - Sanepar e sediada
em Curitiba, no estado do Parana, estando presente
em mais de 600 localidades no estado. A empresa presta serviços
de fornecimento, tratamento e distribuição de agua
e, serviços de coleta e tratamento de esgoto para consumidores
residenciais, comerciais e industriais, mediante contratos
municipais de concessão.
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
Mary T. Francoeur
Senior Vice President
Public Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
No Related Data.
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