Fitch - RI AES Eletropaulo

19/05/2016
Press Release
Fitch Revises Brazilian National Scale; Assigns Various Revision
Ratings
Fitch Ratings­Chicago­19 May 2016: Fitch Ratings has recalibrated its Brazilian National Ratings scale
following successive downgrades of the sovereign over the last six months. The recalibration has
resulted in several national scale rating revisions for issuers in various sectors including financial
institutions, corporates, insurance and public finance. Revision ratings are used to modify ratings for
reasons that are not related to credit quality in order to reflect changes in the national rating scale.
National scale ratings are a risk ranking of issuers in a particular market designed to help local investors
differentiate risk. Brazil's national scale ratings are denoted by the unique identifier '(bra)'. Fitch adds this
identifier to reflect the unique nature of the Brazilian national scale. National scales are not comparable
to Fitch's international ratings scales or to other countries' national rating scales.
Despite these vast differences in risk between the international and national rating scales, Fitch
publishes a summary of the rating relationships of Brazilian issuers rated on both the Brazilian national
scale and the international scale. This relativity table has been revised based on these national scale
rating revisions and can be found at www.fitchratings.com under national scale rating definitions. Fitch has revised Brazilian national scale ratings and Outlooks as follows:
Gerdau S.A.
­­National Long­Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable; Companhia de Gas de Sao Paulo ­ Comgas
­­National Long­Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable; Braskem S.A.
­­National Long­Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable; Klabin S.A.
­­National Long­Term rating revised to 'AAA(bra)' from 'AA(bra)'; Outlook revised to Negative from
Stable;
Petroleo Brasileiro S.A. ­ Petrobras
­­National Long­Term rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Negative; ­­Senior unsecured debentures revised to 'AA+(bra)' from 'AAA(bra)';
Itaipu Binacional ­ Itaipu
­­National Long­Term rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Negative; BR Malls Participacoes S.A.
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Positive; ­­Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';
Cosan S.A. Industria e Comercio
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; https://www.fitchratings.com/site/pressrelease?id=1004792
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JBS S.A.
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; Rede D'Or Sao Luiz S.A.
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; ISA Capital do Brasil S.A.
­­National Long­Term rating revised to 'AA+(bra)' from 'AA­(bra)'; Outlook Stable; JSL S.A.
­­National Long­Term rating revised to 'AA­(bra)' from 'A+(bra)'; Outlook Negative; ­­Senior unsecured debentures revised to 'A+(bra)' from 'A(bra)';
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
­­National Long­Term rating revised to 'AA­(bra)' from 'A+(bra)'; Outlook Stable; ­­Senior unsecured debentures revised to 'AA­(bra)' from 'A+(bra)';
Magnesita Refratarios S.A.
­­National Long­Term rating revised to 'AA­(bra)' from 'A+(bra)'; Outlook Negative; ­­Senior unsecured debentures revised to 'AA­(bra)' from 'A+(bra)';
Companhia Siderurgica Nacional ­ CSN
­­National Long­Term rating revised to 'BB­(bra)' from 'BBB­(bra)'; Outlook Negative; Ultrafertil S.A.
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; ­­Secured debentures revised to 'AA+(bra)' from 'AA(bra)';
Diagnosticos da America S.A. ­ DASA
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; ­­Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';
Saneamento Ambiental Aguas do Brasil
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; VLI Multimodal S.A. ­ VLI Multimodal
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; ­­Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';
Companhia Energetica do Maranhao ­ Cemar
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; ­­Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';
Concessionaria Rio ­ Teresopolis ­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; VLI S.A. ­ VLI
­­National Long­Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable; Moura Dubeux Energharia S.A.
­­National Long­Term rating revised to 'BBB­(bra)' from 'BBB+(bra)'; Outlook Stable; ­­Senior unsecured debentures revised to 'BBB­(bra)' from 'BBB+(bra)';
Queiroz Galvao Desenvolvimento Imobilario S.A.
https://www.fitchratings.com/site/pressrelease?id=1004792
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Queiroz Galvao Desenvolvimento Imobilario S.A.
­­National Long­Term rating revised to 'BBB­(bra)' from 'BBB(bra)'; Outlook Negative; Gafisa S.A.
­­National Long­Term rating revised to 'BBB­(bra)' from 'BBB(bra)'; Outlook Stable; Construtora Tenda S.A. ­­National Long­Term rating revised to 'BBB­(bra)' from 'BBB(bra)'; Outlook Stable; Companhia Nacional de Saneamento ­ Conasa
­­National Long­Term rating revised to 'BB­(bra)' from 'BB(bra)'; Outlook Stable; Conasa SPE S.A.
­­Senior unsecured debentures revised to 'BB­(bra)' from 'BB(bra)'; Aegea Saneamento e Participacoes S.A.
­­National Long­Term rating revised to 'AA­(bra)' from 'A+(bra)'; Outlook Stable; Prolagos S.A. ­ Concessionaria de Servicos Publicos de Agua e Esgoto
­­National Long­Term rating revised to 'AA(bra)' from 'AA­(bra)'; Outlook Stable; ­­Senior secured debentures revised to 'AA(bra)' from 'AA­(bra)';
Aguas Guariroba S.A.
­­National Long­Term rating revised to 'AA(bra)' from 'AA­(bra)'; Outlook Stable; ­­Senior secured debentures revised to 'AA(bra)' from 'AA­(bra)';
Agencia de Fomento do Estado do Rio de Janeiro S.A. ­ AGERIO
­­National Long­Term Rating revised to 'A­(bra)' from 'A(bra)'; Outlook revised to Negative from Stable Agencia de Fomento do Estado de Sao Paulo ­ Desenvolve SP
­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; Banco de Brasilia S.A. ­ BRB
­­National Long­Term Rating remains at 'AA­(bra)'; Outlook revised to Negative from Stable; BV Leasing Arrendamento Mercantil S.A.
­­Subordinated debentures revised to 'A+(bra)' from 'AA(bra)';
Banco ABC Brasil S.A.
­­National Long­Term Rating revised to 'AA+' from 'AA(bra)'; Outlook Stable; Banco BMG S.A.
­­National Long­Term Rating remains at 'A(bra)'; Outlook revised to Negative from Stable; Banco Bonsucesso S.A.
­­National Long­Term Rating revised to 'BBB­(bra)' from 'BBB(bra)'; Outlook Stable Banco CNH Industrial Capital S.A.
­­National Long­Term Rating revised to 'AA+(bra)' from 'AA­(bra)'; Outlook Stable ­­Senior unsecured debt Long­Term revised to 'AA+(bra)' from 'AA­(bra)'; Banco Cooperativo Sicredi S.A.
­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; Banco GMAC Brazil S.A.
https://www.fitchratings.com/site/pressrelease?id=1004792
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Banco GMAC Brazil S.A.
­­National Long­Term Rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable Banco Industrial do Brasil S.A.
­­National Long­Term Rating revised to 'AA­(bra)' from 'A+(bra)'; Outlook Stable ­­National Short Term Rating revised to 'F1+(bra)' from 'F1(bra)'; Banco Nacional de Desenvolvimento Economico e Social (BNDES)
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA; Outlook revised to Negative from Stable; Banco Pine S.A.
­­National Long­Term Rating remains at 'A+(bra)'; Outlook revised to Negative from Stable; Banco Safra S.A.
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Stable; Banco Votorantim S.A. ­­National Long­Term Rating revised to 'AA­(bra)' from 'AA+(bra)'; Outlook revised to Negative from
Stable;
Banco da Amazonia S.A.
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from
Stable;
Banco do Brasil S.A.
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from
Stable;
Banco do Nordeste do Brasil S.A.
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from
Stable;
Caixa Economica Federal
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from
Stable;
Omni S.A. ­ Credito, Financiamento e Investimento
­­National Long­Term Rating revised to 'BBB­(bra)' from 'BBB(bra); Outlook Stable Rio de Janeiro, City of
­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; Rio de Janeiro, State of
­­National Long­Term Rating revised to 'A­(bra)' from 'A(bra)'; Outlook revised to Negative from Stable; Safra Leasing S.A. Arrendamento Mercantil
­­National Long­Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Stable ­­Subordinated debt revised to 'AA(bra)' from 'AA+(bra)'; Sao Paulo, Municipality of
­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; Sao Paulo, State of ­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; https://www.fitchratings.com/site/pressrelease?id=1004792
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­­National Long­Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable; Sul America S.A.
­­National Long­Term Rating revised to 'AA­(bra)' from 'AA(bra)'; Outlook Negative ­­Senior unsecured debt revised to 'A+(bra)' from 'AA­(bra)'. Contacts:
Corporates
Ricardo Carvalho
Senior Director
+55 21 4503 2627
Fitch Ratings Brasil Ltda
Praca XV de Novembro, 20 ­ Sala 401 B, Centro Rio de Janeiro, RJ ­ CEP 20010­010
Financial Institutions
Alejandro Garcia, CFA Managing Director
+52 81 8399 9146
Insurance
Eduardo Recinos
Senior Director
+503 2516 6606
International Public Finance
Humberto Panti Garza
Senior Director
+52 81 8399 9100
Committee Chairperson
Daniel R. Kastholm, CFA +1­312­368­2070
Regional Group Head Latin America Corporates
Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email:
[email protected].
Additional information is available at 'www.fitchratings.com'. Applicable Criteria Corporate Rating Methodology ­ Including Short­Term Ratings and Parent and Subsidiary Linkage (pub.
17 Aug 2015) (https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362&cft=0) Global Bank Rating Criteria (pub. 20 Mar 2015)
(https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501&cft=0) Global Non­Bank Financial Institutions Rating Criteria (pub. 28 Apr 2015)
(https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865351&cft=0) Insurance Rating Methodology (pub. 17 May 2016)
(https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=881564&cft=0) International Local and Regional Governments Rating Criteria ­ Outside the United States (pub. 18 Apr
https://www.fitchratings.com/site/pressrelease?id=1004792
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International Local and Regional Governments Rating Criteria ­ Outside the United States (pub. 18 Apr
2016) (https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878660&cft=0) National Scale Ratings Criteria (pub. 30 Oct 2013)
(https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082&cft=0) Additional Disclosures Solicitation Status (https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004792) Endorsement Policy (https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?
context=2&detail=31)
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE
READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS
(http://fitchratings.com/understandingcreditratings). IN ADDITION, RATING DEFINITIONS AND THE
TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE
'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE
AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY,
CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS
SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR
ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD
ANALYST IS BASED IN AN EU­REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY
PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Endorsement Policy ­ Fitch's approach to ratings endorsement so that ratings produced outside the EU
may be used by regulated entities within the EU for regulatory purposes, pursuant to the terms of the EU
Regulation with respect to credit rating agencies, can be found on the EU Regulatory Disclosures
(https://www.fitchratings.com/regulatory) page. The endorsement status of all International ratings is
provided within the entity summary page for each rated entity and in the transaction detail pages for all
structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.
https://www.fitchratings.com/site/pressrelease?id=1004792
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