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ELETROBRASCentrais Elétricas Brasileiras SA (Brazil)
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The paper, citing Eletrobras chief financial and investor relations officer Armando Casado de Araujo, said the Brazilian utility was looking to place the bonds on the international market.
Brazil's state-owned power company Eletrobras is losing a battle between political goals and profitability.
Fitch expects Eletrobras to accept the government's proposal given the government's ownership interest, which will pressure Eletrobras' credit quality given its weak credit metrics for the assigned rating category on a standalone basis.
7 September 2011 - S&P said on Tuesday it had revised to "positive" from "stable" its outlook on the BBB+ local-currency rating of Brazilian state-owned power holding company Eletrobras (SAO:ELET6) after an analogous move on the sovereign.
A deal would see Eletrobras becoming EDP's second-largest shareholder after the Portuguese government, whose stake will fall to 15% after the divestment and ahead of Spanish utility Iberdrola (MCE:IBE) with 6.
This year, Eletrobras was expected to sell three electricity generators, but may delay the sale of at least two until next year, according to published reports.
This would have severe implications for the investment capacity of sector participants, mainly stated owned Eletrobras.
State Grid Corporation of China signed an agreement with Brazil's Eletrobras utility to build high-voltage transmission lines for the 11,233 MW Belo Monte hydroelectric dam under construction on the Xingu River in the lower Amazon.
The proceeds will go for redeeming debentures previously issued by the company as well as settling Duke Energy's liabilities with Eletrobras.
The funds will be used mainly for the early payment of AES Tiete's debt to federal power holding company Centrais Eletricas Brasileiras SA (SAO:ELET6), or Eletrobras, whose balance was BRL969m at 31 December 2009.
Eletrobras is exposed to political interference risks given its status as an entity controlled by the Brazilian government.