Brazilian hydro power generator CESP maintains a strong financial performance, despite the drought, mainly due to its conservative commercial policy. We affirmed our 'BBB-' global scale and 'brAAA' national scale ratings on CESP. We also withdrew our 'BBB-' issue-level rating because the company fully amortized its notes in January 2015. The stable outlook reflects our expectation that CESP will continue posting conservative credit metrics in 2015 and 2016 period, as seen in our expectation of adjusted debt to EBITDA of less than 2.5x. On June 2, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' global scale and 'brAAA' Brazil national scale ratings on CESP – Companhia Energetica de Sao Paulo. We also withdrew our 'BBB-' issue-level rating because the
