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Rating Action:

Moody's takes rating actions on specific issuers of the Brazilian infrastructure sector

 The document has been translated in other languages

25 Feb 2016

Action follows the downgrade of Brazil's issuer and bond ratings to Ba2 with a negative outlook

Sao Paulo, February 25, 2016 -- Moody´s America Latina Ltda. ("Moody's") took the following rating actions on its portfolio of water and electric utilities as a result of the downgrade of Brazil's issuer and bond ratings to Ba2 from Baa3 and the change of outlook to negative, as well as the downgrade of the ratings of the States of Sao Paulo to Ba2 from Baa3 with a negative outlook, Minas Gerais to Ba3 from Ba1 with a negative outlook and Parana to Ba3/A2.br from Ba1/Aa2.br with a stable outlook on the global scale and on the National Scale Rating (NSR), respectively. For more information, please see [https://www.moodys.com/research/Moodys-downgrades-Brazils-issuer-and-bond-ratings-to-Ba2-with--PR_342928].

RATINGS RATIONALE

These actions reflect Moody's view that the recent sovereign and sub-sovereign rating actions, as a result of deteriorating economic and fiscal perspectives together with worsening governability and policy paralysis, will negatively affect the credit quality of the following companies:

Companhia Energética de Minas Gerais -- CEMIG

Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to negative.

CEMIG Distribuição S.A.

Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to negative.

At the same time, the ratings on the global and national scales of the following issuances were downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade. Outlook changed to negative:

Backed senior unsecured BRL653.67 million Brazilian debentures

Backed senior unsecured BRL1,095.51 million Brazilian debentures

Backed senior unsecured BRL410.82 million Brazilian debentures

CEMIG Geração e Transmissão S.A.

Corporate Family Ratings (CFR) downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to negative.

At the same time, the ratings on the global and national scales of the following issuances were downgraded to Ba3/A2.br. from Ba1/Aa2.br, under review for downgrade. Outlook changed to negative:

Backed senior unsecured BRL670 million Brazilian debentures

Backed senior unsecured BRL972.75 million Brazilian debentures

Backed senior unsecured BRL480 million Brazilian debentures

Backed senior unsecured BRL27.25 million Brazilian debentures

Backed senior unsecured BRL1,400 million in Brazilian debentures

Backed senior unsecured BRL200 million in Brazilian debentures

Backed senior unsecured BRL349.60 million in Brazilian debentures

Companhia de Saneamento do Paraná - Sanepar

Issuer ratings downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to stable.

BRL600 million senior debentures due in 2020 downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to stable.

Companhia de Saneamento de Minas Gerais S.A. -- COPASA

Corporate Family Ratings (CFR) downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade on the global scale and on the National Scale Rating (NSR), respectively. Outlook changed to negative.

At the same time, ratings on the global and national scales of the following issuances were downgraded to Ba3/A2.br from Ba1/Aa2.br, under review for downgrade. Outlook changed to negative:

BRL200million senior unsecured Brazilian debentures due in 2017

BRL200million senior unsecured Brazilian debentures due in 2019

BRL350million senior unsecured Brazilian debentures due in 2020

BRL 250million senior unsecured Brazilian bonds

Companhia de Saneamento Basico do Estado de Sao Paulo's (Sabesp)

Corporate Family Ratings (CFR) downgraded to Ba2 from Ba1on the global scale and affirmed at Aa2.br on the National Scale Rating (NSR). Outlook remained negative.

POTENTIAL MAPPING RECALIBRATION FROM GLOBAL SCALE TO NATIONAL SCALE RATINGS

With the recent downgrade of the government of Brazil on the global rating scale and other issuers whose risk profiles are affected by related credit considerations, the distribution of national scale ratings (NSRs) among issuers in Brazil has become compressed, particularly at the Aa2.br level. As a result, the current mapping of global scale ratings to national scale ratings may no longer be adequately serving one of its intended purposes, which is to provide greater credit differentiation among issuers in Brazil than is possible on the global rating scale. However, if Moody's NSR methodology is revised as proposed in the Request for Comment (RFC) entitled "Mapping National Scale Ratings from Global Scale Ratings" published on January 20, the resulting new Brazilian scale would likely imply that many Brazil global scale ratings would be remapped to higher ratings on the national scale.

While the RFC included a new proposed national scale map for Brazil, given the aforementioned ratings changes, the new map design for Brazil will likely differ from the specific map proposal included in the RFC. In addition to the proposed Brazilian map, the RFC comprised a proposed update to our methodology for mapping national scale ratings from global scale ratings, including guidelines for the design of new national scale maps and changes to existing maps, as well as proposed new national scale maps for each of the other countries in which we currently offer NSRs. The comment period for this RFC closed on February 22.

WHAT COULD CHANGE THE RATING UP/DOWN

In light of the current rating action and the negative outlooks, an upgrade of the ratings is unlikely in the near term.

Further deterioration in the respective sovereign or sub-sovereign's credit quality could exert downward pressure on these infrastructure issuers. A downgrade would be triggered if Moody's perceives a further deterioration in the regulatory frameworks under which these companies operate. A sustained deterioration in the relevant credit metrics of the issuer could also exert downward rating pressure. Political interference in the normal course of business of these issuers could also be considered a trigger for a downgrade.

The principal methodology used in rating CEMIG Distribuição S.A., CEMIG Geração e Transmissão S.A., was Regulated Electric and Gas Utilities published in December 2013. The methodologies used in rating Companhia Energética de Minas Gerais -- CEMIG were Regulated Electric and Gas Utilities published in December 2013, and Government-Related Issuers methodology published in October 2014. The methodologies used in rating Companhia de Saneamento do Parana -- SANEPAR, Companhia de Saneamento de Minas Gerais, and Companhia de San Bas do Estado de Sao Paulo were Regulated Water Utilities published in December 2015, and Government-Related Issuers methodology published in October 2014. Please see the Ratings Methodologies page on www.moodys.com.br 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 June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

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 see the special report "Services provided to entities rated by Moody's America Latina Ltda." on our website www.moodys.com.br for further 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. Please go to www.moodys.com.br for a list of entities receiving products/services from these related entities and the products/services received. This list is updated on a quarterly basis.

The date of the last Credit Rating Action for CEMIG Distribuição S.A. was 10/12/2015.

The date of the last Credit Rating Action for CEMIG Geração e Transmissão S.A. was 10/12/2015.

The date of the last Credit Rating Action for Companhia Energética de Minas Gerais -- CEMIG was 10/12/2015.

The date of the last Credit Rating Action for Companhia de Saneamento do Parana - SANEPAR was 10/12/2015.

The date of the last Credit Rating Action for Companhia de San Bas do Estado de Sao Paulo was 28/08/2015.

The date of the last Credit Rating Action for Companhia de Saneamento de Minas Gerais S.A. was 10/12/2015.

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.

Paco Debonnaire
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

William L. Hess
MD - Utilities
Infrastructure 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

Moody's takes rating actions on specific issuers of the Brazilian infrastructure sector
No Related Data.
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