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Related Issuers
Administracion Nac. de Com, Alcohol-ANCAP
Aeroports de Montreal
Air Jamaica Limited
Aruba Airport Authority N.V.
Autopista Monterrey-Cadereyta NAFIN F/80425
Brilliant Power Corporation
British Columbia Hydro & Power Authority
Calcasieu Parish Industrial Develop. Bd., LA
Cerro Negro Finance, Ltd.
CITGO Petroleum Corporation
Companhia de Saneamento do Parana - SANEPAR
Companhia Energetica de Brasilia - CEB
Companhia Energetica de Minas Gerais - CEMIG
Companhia Paranaense de Energia (BR GAAP)
Corporacion Nacional del Cobre de Chile
Corpus Christi (Port of) TX, Ind. Dev. Corp.
Deer Park Refining Limited Partnership
Edmonton Regional Airports Authority
Empresa Nacional del Petroleo
Fertinitro Finance Inc.
Furnas Centrais Eletricas S.A
Greater Toronto Airports Authority
Gulf Coast Industrial Development Authority
Hamaca Holding LLC
HOVENSA L.L.C.
HQI Transelec Chile S.A.
Hydro One Inc.
Hydro-Quebec
Illinois Development Finance Authority
Kansas City Southern de Mexico, S.A. de C.V.
Manitoba Hydro Electric Board
Merey Sweeny Coker Project
Merey Sweeny, L.P.
Motiva Enterprises LLC
NAV CANADA
New Brunswick Electric Finance Corporation
Ontario Electricity Financial Corporation
Ontario Power Authority
Ottawa Macdonald-Cartier Int'l Airport Auth.
Pemex Project Funding Master Trust
Petrobras Argentina S.A.
Petrobras International Finance Company
Petroleo Brasileiro S.A. - PETROBRAS
Petroleos de Venezuela, S.A.
Petroleos Mexicanos
Petroleum Co.of Trinidad & Tobago (Petrotrin)
Petrozuata Finance Inc.
Phoenix Park Funding Limited
Phoenix Park Gas Processors Limited
Sincrudos de Oriente SINCOR C.A.
Tennessee Valley Authority
Vale Overseas Limited
Vale S.A.
Winnipeg Airports Authority Inc.
Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR CORPORATE ISSUERS IN THE AMERICAS

08 Jul 2005
MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR CORPORATE ISSUERS IN THE AMERICAS

New York, July 08, 2005 -- Moody's Investors Service published today the results of an examination of corporate sector ratings in North, Central, and South America in light of the introduction of its new rating methodology for government-related issuers ("GRIs").

In April 2005, Moody's published a Rating Methodology report entitled "The Application of Joint-Default Analysis to Government-Related Issuers". The new methodology formally disaggregates the ratings of GRIs into four components: (i) an assessment of the GRI's baseline credit risk, (ii) the default risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the expected level of support from the government.

Below is a list of all corporate GRIs in the Americas affected by the new rating methodology, including the rating changes resulting from the application of the methodology.

For a detailed discussion of how Moody's evaluates corporate GRIs in practice, please refer to Moody's Special Comment entitled "Rating Government-Related Issuers in Americas Corporate Finance", also published today.

As previously indicated, in addition to the ratings assigned to issuers and debt securities, Moody's has also published ranges of methodology inputs for each GRI, as follows:

- Baseline credit assessment, on a scale of 1 (lowest credit risk) to 6 (highest credit risk)

- Local currency bond rating of the supporting government (as published by Moody's)

- Dependence, expressed as low, medium or high

- Support, expressed as low, medium or high

For details of these input ranges for individual GRIs, please refer to the Credit Opinions published today for each corporate GRI in the Americas region. Please also refer to the separate addendum to Moody's new GRI special comment ("Rating Government-Related Issuers in the Americas -- Addendum"), which outlines the ranges of inputs and rating outcomes for every corporate GRI in the region by sector and by country.

The following list outlines ratings affirmed or upgraded following the application of the GRI rating methodology. The rated entity is listed with the rated class of debt, and the final rating outcome and rating outlook.

RATINGS AFFIRMED WITH NO CHANGE IN RATING OUTLOOK

- Administracion Nacional de Combustibles (ANCAP)

Issuer Rating (foreign currency) -- B3, Stable Outlook

- Aeroports de Montreal

Senior Secured (domestic currency) -- A2, Stable

- Air Jamaica

Backed Senior Unsecured (foreign currency), B1, Stable

- Autopista Monterrey Cadereyta

Senior Secured (foreign currency) - Baa3, Stable

- Brilliant Power Corporation

Senior Secured (domestic currency) -- A1, Stable

- British Columbia Hydro & Power Authority

Backed Senior Unsecured (domestic currency) -- Aa1, Stable

- Companhia Energetica de Minas Gerais (CEMIG)

Senior Unsecured (domestic currency) B1, Stable

- Companhia Paranense de Energia (COPEL)

Corporate Family Rating (domestic currency, Ba3, Stable

Senior Secured (domestic currency) -- Ba2, Stable

Senior Unsecured (domestic currency) -- Ba3, Stable

- Deer Park Refining Ltd. Partnership

Senior Unsecured (domestic currency), A2, Stable

Backed Senior Unsecured (domestic currency) -- A2, Stable

- Edmonton Regional Airports Authority

Senior Secured (domestic currency), A1, Negative

- Greater Toronto Airports Authority

Senior Secured (domestic currency), A2, Stable

- Hovensa LLC

Senior Secured (domestic currency), Baa3, Stable

- HQI Transelec S.A.

Senior Unsecured (foreign currency), Baa1, Stable

- Hydro-Quebec

Backed Senior Unsecured (domestic currency), A1, Stable

- Manitoba Hydro Electric Board

Backed Commercial Paper (foreign currency), P1, Stable

- Merey Sweeny L.P.

Senior Unsecured (domestic currency), Baa3, Stable

- Motiva Enterprises LLC

Senior Unsecured (domestic currency), A2, Stable

- NAV CANADA

Senior Secured (domestic currency), Aa3, Stable

- New Brunswick Power Corporation

Backed Senior Unsecured (domestic currency), Aa3, Stable

- Ontario Electricity Financial Corporation

Backed Senior Unsecured (domestic currency), Aa2, Stable

- Ontario Power Authority

Issuer Rating (domestic currency), Aa2, Stable

- Ottawa Macdonald-Cartier International Airport Authority

Senior Secured (domestic currency), A1, Stable

- Pemex Project Funding Master Trust

Backed Senior Unsecured (foreign currency), Baa1, Stable

- Petrobras Energia S.A.

Corporate Family Rating (foreign currency), B3, Stable

- Petrobras International Finance Co. (PIFCO)

Backed Senior Unsecured (foreign currency), Ba1, Positive

- Petroleo Brasileiro S.A. (Petrobras)

Senior Unsecured (foreign currency), Ba1, Positive

Corporate Family Rating (foreign currency), B1, Positive

- Petroleos de Venezuela, S.A.(PDVSA)

Issuer Rating (domestic currency), B1, Developing

Issuer Rating (foreign currency), B2, Stable

Corporate Family Rating (foreign currency), B2, Stable

- Petroleos Mexicanos (PEMEX)

Senior Unsecured (domestic and foreign currency), Baa1, Stable

Corporate Family Rating (foreign currency), Baa1, Stable

Issuer Rating (domestic and foreign currency), Baa1, Stable

- Petroleum Company of Trinidad & Tobago (Petrotrin)

Issuer Rating (foreign currency), Baa3, Stable

- Tennessee Valley Authority

Senior Unsecured (domestic currency), Aaa, Stable

- TFM S.A. de C.V.

Backed Senior Unsecured (foreign currency), B2, Negative

Senior Unsecured (foreign currency), B2, Negative

Corporate Family Rating (foreign currency), B2, Negative

- Winnipeg Airports Authority Inc.

Senior Secured (domestic currency), (P)A1, Stable Outlook

RATINGS AFFIRMED WITH CHANGE IN OUTLOOK

- Companhia de Saneamento de Parana (SANEPAR)

Senior Unsecured (domestic currency) B1, Positive Outlook

- Petroleos de Venezuela S.A. (PDVSA)

Issuer Rating (domestic currency), B1, Developing Outlook

RATINGS UPGRADED (NEW RATINGS LISTED)

- Aruba Airport Authority

Senior Unsecured (foreign currency), Baa3, Stable Outlook

- Cerro Negro Finance Limited

Backed Senior Secured (foreign currency), Ba3, Stable

- CITGO Petroleum Corporation

Corporate Family Rating (domestic currency), Ba1, Stable

Senior Unsecured (domestic currency), Ba1, Stable

- Companhia Vale do Rio Doce (CVRD)

Senior Unsecured Shelf Registration (foreign currency, (P)Baa3, Stable

Issuer Rating (domestic currency), Baa1, Stable

- Corporacion Nacional del Cobre de Chile (CODELCO)

Senior Unsecured (foreign currency), Aa3, Stable

- Empresa Nacional del Petroleo, S.A. (ENAP)

Senior Unsecured (foreign currency), A2, Stable

- Fertinitro Finance Inc.

Backed Senior Secured (foreign currency), B3, Stable

- Hamaca Holding LLC

Senior Secured (foreign currency), Ba3, Stable

- Hydro One Inc.

Senior Unsecured (domestic currency), Aa3, Stable

- Petrobras Energia S.A.

Senior Unsecured (foreign currency), Ba2, Stable

- PetroZuata Finance Inc.

Backed Senior Secured (foreign currency), Ba3, Stable

- Petroleo Brasileiro (Petrobras) S.A.

Senior Unsecured (domestic currency), A2, Stable

Issuer Rating (domestic currency), A2, Stable

- Phoenix Park Gas Processor Ltd.

Senior Secured (foreign currency), A3, Stable

- Sincrudos de Orient (SINCOR)

Senior Secured (foreign currency), Ba3, Stable

- Vale Overseas Ltd -- Backed Senior Unsecured (foreign currency), Baa3, Stable Outlook

RATING UNDER REVIEW - POSSIBLE UPGRADE

- Furnas Centrais Eletricas S.A.

Issuer Rating (domestic currency), Ba2

RATING CONTINUING UNDER REVIEW -- DIRECTION UNCERTAIN

- Companhia de Energetica de Brasilia (CEB)

Senior Unsecured (domestic currency), Ba3

RATING ASSIGNED

- Air Jamaica

Corporate Family Rating (domestic currency), B2, Stable Outlook

* * * * *

NOTE TO JOURNALISTS ONLY: For a copy of any of the Moody's reports referred to in this press release, please contact Daniel Piels in London on +44-20-7772-5456; New York Press Information +1-212-553-0376; Juan Pablo Soriano in Madrid +34-91-310-1454; Henry MacNevin in Milan +39-02-5821-5580; Detlef Scholz in Frankfurt +49-69-707-30-700; Adel Satel in Limassol +357-25-586-586; Hector Lim in Sydney +612 9270 8102; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Luiz Tess in São Paulo +55-11-3443-7444; Benito Solis in Mexico City +5255-9171-1817; Jose Fenner in Buenos Aires +54 11-4816-2332 ext. 118; or Reynold Leegerstee in Johannesburg +27-11-217-5471 or visit our web site at www.moodys.com

New York
Daniel Gates
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Chee Mee Hu
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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