Eletrobras Cut to HY

Eletrobras Cut to HY

Brazil Corporate & Sovereign Strategy

Fitch has lowered the credit rating of Brazil’s Centrais Eletricas Brasileiras (Eletrobras) to BB from BBB, it says, reflecting the state-owned utility’s decision to accept the early renewal of concessions expiring 2015-2017. Brazil’s government offered Eletrobras approximately BRL14bn ($6.73bn) as an upfront payment to renew its concessions for a period of 30 years beginning in January 2013, with additional non-defined amounts, which will likely be paid over the life of the concession period. E

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