Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024 - S&P Global Ratings’ Credit Research

Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024

Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024 - S&P Global Ratings’ Credit Research
Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024
Published Jul 12, 2018
3 pages (1089 words) — Published Jul 12, 2018
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Abstract:

SAO PAULO (S&P Global Ratings) July 12, 2018--S&P Global Ratings today said that its corporate credit and issue-level ratings on Companhia Energetica de Minas Gerais (Cemig: B/Positive/--; brA+/Positive/--) and on its operating subsidiaries, Cemig Geracao e Transmissao S.A. (Cemig GT) and Cemig Distribuicao S.A. (Cemig D), are unaffected by the proposed retap of Cemig GT's senior unsecured notes due December 2024 (which remain rated 'B'). Cemig GT intends to add up to $500 million to its 9.25% $1 billion notes that we first rated in 2017, under the same terms and conditions, including the unconditional and irrevocable guarantee by Cemig. The notes remain rated 'B'. We expect Cemig GT to use the proceeds to refinance existing debt. We analyze Cemig

  
Brief Excerpt:

...SAO PAULO (S&P Global Ratings) July 12, 2018--S&P Global Ratings today said that its corporate credit and issue-level ratings on Companhia Energetica de Minas Gerais (Cemig: B/Positive/--; brA+/Positive/--) and on its operating subsidiaries, Cemig Geracao e Transmissao S.A. (Cemig GT) and Cemig Distribuicao S.A. (Cemig D), are unaffected by the proposed retap of Cemig GT's senior unsecured notes due December 2024 (which remain rated 'B'). Cemig GT intends to add up to $500 million to its 9.25% $1 billion notes that we first rated in 2017, under the same terms and conditions, including the unconditional and irrevocable guarantee by Cemig. The notes remain rated 'B'. We expect Cemig GT to use the proceeds to refinance existing debt. We analyze Cemig on a consolidated basis because we believe that it has adopted an integrated financial strategy, and because it actively manages its subsidiaries' operations. Our ratings on Cemig D and Cemig GT mirror the ratings on their parent because we view...

  
Report Type:

Bulletin

Ticker
Issuer
GICS
Electric Utilities (55101010)
Sector
Global Issuers
Country
Region
Latin America
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024" Jul 12, 2018. Alacra Store. Nov 19, 2018. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Companhia-Energetica-de-Minas-Gerais-CEMIG-Ratings-Unaffected-By-Proposed-Retap-Of-Senior-Unsecured-Notes-Due-2024-2070678>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Companhia Energetica de Minas Gerais - CEMIG Ratings Unaffected By Proposed Retap Of Senior Unsecured Notes Due 2024 Jul 12, 2018. New York, NY: Alacra Store. Retrieved Nov 19, 2018 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Companhia-Energetica-de-Minas-Gerais-CEMIG-Ratings-Unaffected-By-Proposed-Retap-Of-Senior-Unsecured-Notes-Due-2024-2070678>
  
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