We expect Brazil-based hydro power generator CESP to maintain its very low leverage over the next few years, in spite of its increased dependence on third-party energy to meet its contracts. We're keeping our 'BB-' global scale and 'brAA-' national scale ratings, both capped by those on the state of Sao Paulo level. The stable outlook reflects that on the state of Sao Paulo. On June 12, 2018, S&P Global Ratings affirmed its 'BB-' global scale and 'brAA-' Brazil national scale corporate credit ratings on CESP – Companhia Energetica de Sao Paulo (CESP), both with a stable outlook. The company's 'bbb-' stand-alone credit profile (SACP) remains unchanged. The 'bbb-' stand-alone credit profile (SACP) reflects our view that CESP will maintain
