...Engie Brasil Energia S.A.'s (Engie Brasil) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) of `BB' and `BBB¡', respectively, and its National Scale Rating of `AAA (bra)' with Outlook Stable reflect its strong business and conservative financial profiles. Engie Brasil's FC IDR is constrained by Brazil's Country Ceiling at `BB', as the company generates all of its revenues in local currency (BRL), with no cash and committed credit facilities abroad. The analysis also does not incorporate any potential support from the parent company. Fitch Ratings also considers the three-notch difference between the company's LC IDR and the sovereign rating as appropriate due to its regulated nature. The Stable Outlook for the FC and LC IDRs follows the same Outlook of Brazil's `BB¡' sovereign rating. Fitch expects Engie Brasil will be able to sustain its solid consolidated credit profile over the next three years, even during a period of higher level of investments. The company...
