News Column

Fitch: Brazilian Electric Energy Dashboard

July 24, 2014



RIO DE JANEIRO--(BUSINESS WIRE)-- Fitch Ratings has published its new Brazilian Electric Energy Dashboard.

The publication explores key themes affecting issuer credit profiles for the sector in Brazil stemming from the reported 2013 results:

--Key theme: if rainfall is not sufficient to bring reservoir levels back to historical averages by the end of the year, the possibility of rationing, continued elevated energy prices in the spot market and the strong use of thermal power generation could create financial pressures in the sector.

--What to Watch: cash generation under pressure, uncertainties for distributors and disappointing capacity expansion.

--The ratings impact of the above.

A complete review of these topics including a review of the dashboard is available at www.fitchratings.com or by clicking the link above.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: Brazilian Electric Energy Dashboard--Second-Half 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752993

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Wellington Senter

Analyst

+55-21-4503-2606

Fitch Ratings Brasil Ltda.

Praca XV de Novembro, 20 - Sala 401 B - Centro

Rio de Janeiro - RJ - CEP: 20010-010

or

Adriane Silva

Associate Director

+55-11-4504-2205

or

Mauro Storino

Senior Director

+55-21-4503-2625

or

Media Relations

Elizabeth Fogerty, New York, +1 212-908-0526

elizabeth.fogerty@fitchratings.com

Source: Fitch Ratings


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