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29 Apr 2002
MOODY'S CONFIRMA OS RATINGS DA COMPANHIA DE SANEAMENTO DO PARANÁ (SANEPAR)
Nova Iorque, April 29, 2002 -- A Moody's Investors Service classifica a Companhia de Saneamento de Paraná (Sanepar) Aaa.br na Escala Nacional e Baa1 na Escala Global de Moeda Local. A Moody's também classifica como Prime-2 (Escala Global de Moeda Local) e BR-1 (Escala Nacional) a nota promissória de um ano no valor de R$ 74 milhões da Sanepar. A perspectiva da Moody's é estável. A nota promissória é uma obrigação sem garantia.
A classificação Aaa.br na Escala Nacional da Moody's indica um emissor ou emissão com a maior qualidade creditícia, relativa aos outros emissores brasileiros. A classificação Baa1 na Escala Global de Moeda Local, que compara o emissor a todos os outros emissores no mundo, e que incorpora a maioria dos riscos relacionados ao Brasil (inclui a potencial volatilidade da economia brasileira, mas não o risco de conversibilidade da moeda), indica um emissor com caráter de grau de investimento.
A Sanepar é uma companhia de água e esgoto que presta serviços a municípios através de contratos de concessão de longo prazo. A empresa atende a uma população de mais de 7,5 milhões de pessoas no Estado do Paraná. A participação, com direito a voto, está 60% nas mãos do Estado do Paraná, enquanto que 39.71% é detido pela Domino Holdings, uma companhia formada pela Vivendi Environnement (rating A3 na escala global para emissões sêniores sem garantia); Andrade Gutierrez Concessões S.A.; Opportunity Dalleth e pela COPEL.
As classificações da Moody's refletem:
- O serviço essencial prestado pela Sanepar a uma grande população, com uma diversificada base de consumidores.
- O fato que 60% da participação acionária, com direito à voto, pertence ao Estado do Paraná.
- O histórico de aumentos de tarifas regular, e às vezes substancial, porém com necessidade de aprovação do Governador.
- Direitos de um "quase monopólio", com contratos de concessão de longo prazo e claros limites à competição.
- Bom processo operacional, mesmo levando-se em conta os 38% de perdas de água (total).
- Adequado processo de arrecadação, apoiado por fortes procedimentos de cobrança e desligamento de serviços.
- Forte cobertura do serviço da dívida, e capacidade projetada de cobrir o serviço da dívida mesmo sob cenários adversos ("downside stresses").
- A análise financeira da empresa mais provável na visão da Moody's mostra um EBITDA projetado de mais de R$ 350 milhões em cada um dos próximos 4 anos.
A Companhia de Saneamento do Paraná é sediada em Curitiba, Paraná, e está presente em mais outras 600 localidades espalhadas por todo o estado. A Sanepar, através de contratos de concessão com os municípios, presta serviços de fornecimento, tratamento e distribuição de água, bem como coleta e tratamento de esgoto, para clientes residenciais, comerciais e industriais.
Os resultados da empresa publicados em 31 de dezembro de 2001 mostram um EBITDA de aproximadamente R$387 milhões no ano 2001, comparada com os R$325 milhões originalmente projetados para o ano
No Related Data.
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