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Rating Action:

Moody's changes outlook to stable on Brazilian Infrastructure Issuers

 The document has been translated in other languages

17 Mar 2017

Sao Paulo, March 17, 2017 -- Moody's América Latina Ltda., ("Moody's") has affirmed the ratings and changed the outlook for several infrastructure companies operating in Brazil to stable from negative. The rating action follows Moody's rating action to stabilize the outlook on the government of Brazil. For more information, please see the press release: Moody's changes outlook on Brazil's Ba2 issuer rating to stable from negative https://www.moodys.com/research/Moodys-changes-outlook-on-Brazils-Ba2-issuer-rating-to-stable--PR_362466

At the same time, Moody's assigned Corporate Family Ratings (CFR) and withdrew the issuer ratings of some infrastructure companies. Moody's has also upgraded Brennand Investimentos S.A.and Brennand Energia S.A. national scale CFRs to A1.br and A2.br, respectively, from A3.br. And, Moody's upgraded EDP-Energias do Brasil CFR to Ba2 from Ba3 (global scale) and to Aa2.br from A1.br (national scale).

ISSUERS AND RATINGS AFFECTED

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194868 for the list of affected credit ratings. This list is an integral part of this press release and identifies each affected issuer.

RATINGS RATIONALE

The rating outlook change follows Moody's March 15 action to stabilize the outlook on Brazil's government issuer rating (Ba2,stable, please see press release for more information).

At the same time, Moody's withdraw the issuer ratings and assigned Corporate Family Ratings (CFRs) for some companies affected by the outlook change, more accurately reflecting the enterprise risks.

The upgrade of the CFRs of Brennand Investimentos S.A., Brennand Energia S.A. and EDP- Energias do Brasil reflect the resilient operating performance of those companies and Moody's expectation that their credit metrics will remain strong for the rating category.

Please see www.moodys.com.br for further details on the recent outlook change in Brazil's issuer rating

RATING OUTLOOK

The stable outlook for all these companies mainly reflects Moody's stable outlook for Brazil's government bond rating and Moody's view that the creditworthiness of these companies continues to be highly dependent on the credit quality of the sovereign.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A rating or outlook change of the sovereign could result in subsequent rating actions for these companies. A rating or outlook change could also be triggered if Moody's perceives a material change in the regulatory frameworks under which these companies operate, or disruptive political interference in the normal course of their businesses. Sustained deterioration or improvement in the relevant credit metrics or the liquidity profile is also a trigger for a rating change for those issuers.

METHODOLOGIES USED

The principal methodology used in rating Autovias S.A., CCR S.A., Conc da Rodovia dos Lagos S.A. (ViaLagos), Conc Sist Anhang-Bandeirant S.A. Autoban, Concessionaria Bahia Norte S.A. -- CBN, Concessionaria de Rod Int do Oest SA (SPVias), Concessionaria de Rodovias Interior Paulista, Concessionaria do Rodoanel Oeste S.A., Concessionaria Rod.Oeste SP Viaoeste S.A., Concessionaria Rodovia Pres. Dutra S.A., Ecorodovias Concessoes e Servicos S.A., and Rota das Bandeiras S.A. was Privately Managed Toll Roads published in May 2014. The principal methodology used in rating EATE - Emp. Amazonense Trans. Energ. S.A., ECTE - Emp. Catarinense Trans. Energ. S.A., ENTE - Emp. Norte de Trans. de Energ. S.A, ETEP - Emp. Paraense Trans. Energ. S.A., and Transmissora Alianca de Energia Eletrica was Regulated Electric and Gas Networks published in March 2017. The principal methodology used in rating Bandeirante Energia S.A., Cia de Gas de Sao Paulo -- COMGAS, EDP - Energias do Brasil S.A., Eletropaulo Met. Elet. de Sao Paulo, Energisa S.A., and Espirito Santo Centrais Eletricas -- ESCELSA was Regulated Electric and Gas Utilities published in December 2013. The principal methodology used in rating AES Tiete Energia S.A., Brennand Energia S.A., Brennand Investimentos S.A., CPFL Energias Renovaveis S.A., Rio Paranapanema Energia S.A., Energest S.A., Lajeado Energia S.A. and Statkraft Energias Renovaveis S.A. was Unregulated Utilities and Unregulated Power Companies published in October 2014. The methodologies used in rating Companhia de San Bas do Estado de Sao Paulo, Companhia de Saneamento do Parana -- SANEPAR and Empresa Baiana de Aguas e Saneamento S.A. were Regulated Water Utilities published in December 2015, and Government-Related Issuers published in October 2014. The principal methodology used in rating Cea I - Centrais Eolicas Assurua I Spe S/A was Power Generation Projects published December 2012. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1060333.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194868 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Lead Analyst

• Releasing Office

• Person Approving the Credit Rating

Information sources used to prepare the rating are the following: parties involved in the ratings, and public information.

Information types used to prepare the rating are the following: financial data, economic and demographic data, operating data, and historical performance data.

Sources of Public Information: Moody's considers public information from many third party sources as part of the rating process. These sources may include, but are not limited to, the list available in the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_193459.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Please see the ratings disclosure page on www.moodys.com.br for general disclosure on potential conflicts of interests.

Moody's America Latina Ltda. may have provided Other Permissible Service(s) to the rated entity or its related third parties within the 12 months preceding the credit rating action. Please go to the report "Ancillary or Other Permissible Services Provided to Entities Rated by Moody's America Latina Ltda." in the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194573 for detailed information.

Entities rated by Moody's America Latina Ltda. and the rated entities' related parties may also receive products/services provided by parties related to Moody's America Latina Ltda. engaging in credit ratings activities within the 12 months preceding the credit rating action. Please go to the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194574 for a list of entities receiving products/services from these related entities and the products/services received.

The rated entities CCR S.A., Conc da Rodovia dos Lagos S.A. (ViaLagos), Conc Sist Anhang-Bandeirant S.A. Autoban, Concessionaria de Rod Int do Oest SA (SPVias), Concessionaria do Rodoanel Oeste S.A., Concessionaria Rod.Oeste SP Viaoeste S.A., and Concessionaria Rodovia Pres. Dutra S.A. are part of the CCR Group which accounted for 5% or more of the annual revenue of Moody's America Latina Ltda. during the preceding calendar year.

The date of the last Credit Rating Action for Autovias S.A. was 24/2/2017

The date of the last Credit Rating Action for CCR S.A. was 25/2/2016

The date of the last Credit Rating Action for Conc da Rodovia dos Lagos S.A. (ViaLagos) was 7/4/2016

The date of the last Credit Rating Action for Conc Sist Anhang-Bandeirant S.A. Autoban was 23/12/2016

The date of the last Credit Rating Action for Concessionaria Bahia Norte S.A. - CBN was 9/5/2016

The date of the last Credit Rating Action for Concessionaria de Rod Int do Oest SA (SPVias) was 23/5/2016

The date of the last Credit Rating Action for Concessionaria de Rodovias Interior Paulista was 24/2/2017

The date of the last Credit Rating Action for Concessionaria do Rodoanel Oeste S.A. was 5/5/2016

The date of the last Credit Rating Action for Concessionaria Rod.Oeste SP Viaoeste S.A. was 8/11/2016

The date of the last Credit Rating Action for Concessionaria Rodovia Pres. Dutra S.A. was 9/5/2016

The date of the last Credit Rating Action for Ecorodovias Concessoes e Servicos S.A. was 7/3/2017

The date of the last Credit Rating Action for Rota das Bandeiras S.A. was 9/5/2016

The date of the last Credit Rating Action for Bandeirante Energia S.A. was 6/3/2017

The date of the last Credit Rating Action for Brennand Energia S.A. was 25/2/2016

The date of the last Credit Rating Action for CPFL Energias Renovaveis S.A. was 25/2/2016

The date of the last Credit Rating Action for AES Tiete Energia S.A. was 8/11/2016

The date of the last Credit Rating Action for Brennand Investimentos S.A. was 25/2/2016

The date of the last Credit Rating Action for Cia de Gas de Sao Paulo - COMGAS was 9/5/2016

The date of the last Credit Rating Action for Rio Paranapanema Energia S.A. was 18/7/2016

The date of the last Credit Rating Action for EATE - Emp. Amazonense Trans. Energ. S.A. was 9/5/2016

The date of the last Credit Rating Action for ECTE - Emp. Catarinense Trans. Energ. S.A. was 25/2/2016

The date of the last Credit Rating Action for EDP - Energias do Brasil S.A. was 9/5/2016

The date of the last Credit Rating Action for ENTE - Emp. Norte de Trans. de Energ. S.A was 25/2/2016

The date of the last Credit Rating Action for ETEP - Emp. Paraense Trans. Energ. S.A. was 25/2/2016

The date of the last Credit Rating Action for Energest S.A. was 19/4/2016

The date of the last Credit Rating Action for Energisa S.A. was 25/2/2016

The date of the last Credit Rating Action for Eletropaulo Met. Elet. de Sao Paulo was 9/5/2016

The date of the last Credit Rating Action for Espirito Santo Centrais Eletricas - ESCELSA was 6/3/2017

The date of the last Credit Rating Action for Lajeado Energia S.A. was 25/2/2016

The date of the last Credit Rating Action for Statkraft Energias Renovaveis S.A. was 10/6/2016

The date of the last Credit Rating Action for Transmissora Alianca de Energia Eletrica was 25/2/2016

The date of the last Credit Rating Action for Cea I - Centrais Eolicas Assurua I Spe S/A was 3/10/2016

The date of the last Credit Rating Action for Companhia de San Bas do Estado de Sao Paulo was 25/2/2016

The date of the last Credit Rating Action for Companhia de Saneamento do Parana - SANEPAR was 5/7/2016

The date of the last Credit Rating Action for Empresa Baiana de Aguas e Saneamento S.A was 22/8/2016

Moody's ratings are constantly monitored, unless designated as point-in-time ratings in the initial press release. All Moody's ratings are reviewed at least once during every 12-month period.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.br.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see ratings tab on the issuer/entity page on www.moodys.com.br for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.br for further information.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com.br for further information on the meaning of each rating category and the definition of default and recovery.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com.br for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com.br for additional regulatory disclosures for each credit rating.

Cristiane Spercel
Vice President - Senior Analyst
Infrastructure Finance Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Michael J. Mulvaney
MD - Project Finance
Project Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

No Related Data.
© 2019 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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