Rede Energia SA: modeFinance Credit Report
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Transcript of Rede Energia SA: modeFinance Credit Report
If you want to know more, ASKMORE TM
modeFinance’s credit report.
Almost every day millions of peoplearound the world are wondering the realcreditworthiness of the companies withwhich they are in business. Every daythese questions remain unanswered.modeFinance
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Basic:This report includes modeFinance TM
’ sMORE Credit Ratings and MORE CreditLimit to help you in the decision making.It covers all essential information includingfinancial statements of the last three yearsand descriptive information including tradedescription and sector analysis.This report type is ideally suited fordecisions on transactions with each levelof credit risk.
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REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name REDE ENERGIA S.A.
Identification number Not available
Country Brazil
ZIP code and city 01311 936 - SAO PAULO
Address CERQUEIRA CESAR, 5 ANDAR
+55 11 3066 2021
www.gruporede.com.br
Legal form Not available
Account Consolidated
Incorporation date 1929
NACE 2 Sector 3511 - Production of electricity
Listed
Status Active
MORE Credit limit 8,200,000 e
31/12/2011 31/12/2010 31/12/2009
Turnover (th e) 3,248,684 3,043,787 2,026,852
Rating CCC CCC B
Probability of default 19.00% 19.00% 4.70%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio 19.74 8.63 9.34
Total asset/Total liabilities 1.05 1.12 1.11
Liquidity ratios
Current Ratio 0.61 0.82 0.86
Quick Ratio 0.60 0.81 0.85
Profitability and economic equili-
brium ratios
Return on investement ROI (%) 12.09 5.18 16.58
Return on equity ROE (%) -110.30 -28.09 1.80
Asset turnover 0.60 0.54 0.44
Interest paid weight 1.16 1.49 0.97
Gross Profit/Operating revenue 0.27 0.20 0.34
Interest Coverage ratios
EBIT interest coverage ratio 0.50 -0.23 0.41
Analysis and trend of financial
strength
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio 19.74 0.49 2.13 4.40 -3.45
Total asset/Total liabilities 1.05 3.01 1.47 1.18 0.97
Liquidity ratios
Current Ratio 0.61 2.20 1.11 0.80 0.41
Quick Ratio 0.60 1.74 0.97 0.73 0.40
Profitability and economic equilibrium ratios
Return on investement ROI (%) 12.09 14.97 5.86 2.22 -1.71
Return on equity ROE (%) -110.30 14.41 8.17 -2.29 -102.40
Asset turnover 0.60 0.46 0.37 0.32 0.24
Interest paid weight 1.16 0.04 0.31 0.60 -0.11
Gross Profit/Operating revenue 0.27 0.46 0.41 0.29 0.11
Interest Coverage ratios
EBIT interest coverage ratio 0.50 26.32 2.91 0.78 -0.72
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 2 15 18 16 22
Days Sales Outstanding (DSO) 85 42 41 29 29
Days Payable Outstanding (DPO) 38 17 31 20 19
Cash Conversion Cycle (DIO + DSO - DPO) 49 30 29 16 75
Numer of analyzed companies - 74 325 125 30
(Average) Rating CCC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 3511 with financial data of year 2011.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice IFRS IFRS Local GAAP
Exchange rate BRL - EUR 0.41578 0.44365 0.39885
Number of months 12 12 12
Total assets 5,378,497 5,607,932 4,656,074
Fixed assets 3,969,870 4,267,460 3,632,016
Intangible fixed assets 2,331,940 2,439,648 208,479
Tangible fixed assets 82,947 97,391 2,324,605
Other fixed assets 1,554,984 1,730,421 1,098,932
Current assets 1,408,627 1,340,472 1,024,058
Stocks 17,709 20,035 15,606
Debtors 754,195 645,760 537,647
Other current assets 636,722 674,677 470,805
Cash & cash equivalent 285,262 337,027 165,104
Shareholders funds 259,354 582,597 450,106
Capital 558,801 317,014 284,998
Other shareholders funds -299,447 265,583 165,108
Total liabilities 5,119,143 5,025,335 4,205,968
Non current liabilities 2,796,802 3,388,523 3,022,066
Long term debt 1,424,745 2,054,944 1,632,113
Other non-current liabilities 1,372,057 1,333,579 1,389,954
Current liabilities 2,322,341 1,636,812 1,183,902
Loans 1,129,278 763,043 453,016
Creditors 342,417 271,572 250,398
Other current liabilities 850,646 602,196 480,488
Total shareh. funds & liab. 5,378,497 5,607,932 4,656,074
NET DEBT (th e) 31/12/2011 31/12/2010 31/12/2009
Short term debts 1,129,278 763,043 453,016
Long term debt 1,424,745 2,054,944 1,632,113
Cash & cash equivalent 285,262 337,027 165,104
Net debt 2,268,761 2,480,961 1,920,024
31/12/2011 31/12/2010 31/12/2009
Working capital 429,487 394,223 302,855
Net Current Assets -913,715 -296,340 -159,844
31/12/2011 31/12/2010 31/12/2009
Days Sales Of Inventory (DIO) 2 2 3
Days Sales Outstanding (DSO) 85 77 97
Days Payable Outstanding (DPO) 38 33 45
Cash Conversion Cycle (DIO + DSO - DPO) 49 46 55
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice IFRS IFRS Local GAAP
Exchange rate BRL - EUR 0.41578 0.44365 0.39885
Number of months 12 12 12
Sales 3,235,798 3,043,787 2,012,010
Revenues growth (%) 6 51 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized12,886 0 14,842
Operating revenue / turnover 3,248,684 3,043,787 2,026,852
Total operating costs 2,870,710 3,144,987 1,724,081
Costs growth (%) -9 82 -
Service costs - 2,719,568 1,455,169
Material costs - 14,582 5,601
Costs of employees - 236,513 103,411
EBITDA 553,966 73,123 462,670
Depreciation 175,992 174,323 159,899
EBIT 377,975 -101,200 302,771
Financial P/L -479,939 -42,290 -277,140
Financial revenue 379,997 391,799 253,140
Financial expenses 859,936 434,088 530,280
Interest paid 752,348 434,088 746,316
P/L before tax -101,965 -143,490 25,632
Extr. and other P/L 17,857 2,663 -64,243
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -84,107 -140,826 -38,611
Taxation 201,966 22,813 -46,723
P/L for period -286,073 -163,639 8,112
31/12/2011 31/12/2010 31/12/2009
Costs of Good Sold 2,364,118 2,449,974 1,340,905
Gross Profit 884,566 593,813 685,947
Other Operating Expenses 506,592 695,013 383,176
31/12/2011 31/12/2010 31/12/2009
Cash flow -110,081 10,684 168,011
Added value - 658,472 1,064,461
31/12/2011 31/12/2010 31/12/2009
Number of employees 7,716 7,100 -
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview The company, formerly known as Caiua Servicos de Eletricidade S. A., is a publicly quoted firm engaged in the
provision of electric services in Brazil. It was incorporated in the year 1929 and conducts its business from its
registered head office located in Sao Paulo. The company is listed on the Sao Paulo Stock Exchange under the
ticker symbol REDE3. The company is recognized as one of the largest Brazilian electricity firms. It is specializes
in distributing electricity to more than 6 million people in 578 municipalities in seven different Brazilian states,
such as Sao Paulo, Minas Gerais, Tocantins, Mato Grosso, Mato Grosso do Sul and Para. It distributes 18.500
gigawatts/hours per year through its 563 substations, which travels 15.00 km of transmission lines and 300.000 km
of distribution networks. The company serves customers in the residential, commercial, industrial, and municipal
sectors. The company’s mission is to provide electricity services by adopting social and environmental responsibility
practices aimed at the satisfaction of customers, employees, suppliers and shareholders, thus contributing to Brazil’s
development.
History Formerly known as Caiua Servicos de Eletricidade S. A.
Primary business line Engaged in the provision of electric services in Brazil.
Secondary business line Not available.
Main activity Services.
Secondary activity Not available.
Main products and services Electric services.
Size estimate One of the largest Brazilian electricity firms.
Strategy, organization and policy To provide electricity services by adopting social and environmental responsibility practices aimed at the satisfaction
of customers, employees, suppliers and shareholders, thus contributing to Brazil’s development.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country Brazil.
Main foreign countries or regions Not available.
Main production sites Not available.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Residential, commercial, industrial, and municipal sectors.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Auditor/Advisor/Bank
name type address
DELOITTE TOUCHE TOHMATSU - AUDITO-
RES INDEPENDENTES
Auditor -
KPMG AUDITORES INDEPENDENTES Auditor -
Board
name date of birth nationality function
Mr. Mauricio Aquino Halewicz - - Chairman
Sharehoders (the first twenty shareholders ordered by Direct %)
EMPRESA DE ELETRICIDADE VALE PARANAPANEMA S/A. Rating:
Country ISO code BR Operating Revenue (MIL $) 49.33
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 4
Total % - Information date 2012/05
Address : Not available
DENERGE DESENVOLVIMENTO ENERGETICO SA Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 14.83 Number of Employees 0
Total % - Information date 2010/12
Address : Not available
BNDES PARTICIPACOES S.A. BNDESPAR Rating: BBB
Country ISO code BR Operating Revenue (MIL $) 3882.55
NACE Rev. 2, Core code - Total Assets (MIL $) 59532.11
Direct % - Number of Employees 0
Total % - Information date 2010/09
Address : Not available
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
CAIUÁ - DISTRIBUIÇÃO DE ENERGIA S/A. Rating:
Country ISO code BR Operating Revenue (MIL $) 136.95
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees 514
Total % 100.00 Information date 2010/12
COMPANHIA NACIONAL DE ENERGIA ELETRICA Rating:
Country ISO code BR Operating Revenue (MIL $) 73.58
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees 34
Total % 100.00 Information date 2010/12
EMPRESA DE DISTRIB DE ENERGIA VALE PARANAPANEMA SA Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2010/12
QMRA PARTICIPACOES S.A. Rating:
Country ISO code BR Operating Revenue (MIL $) 353.53
NACE Rev. 2, Core code - Total Assets (MIL $) 925.22
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2010/12
TANGARÁ ENERGIA S/A. Rating:
Country ISO code BR Operating Revenue (MIL $) 33.18
NACE Rev. 2, Core code - Total Assets (MIL $) 112.17
Direct % 100.00 Number of Employees 23
Total % 100.00 Information date 2010/12
REDE POWER DO BRASIL S.A. Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 99.98 Number of Employees 33
Total % - Information date 2010/12
EMPRESA ENERGÉTICA DE MATO GROSSO DO SUL S.A. - ENERSUL Rating: BBB
Country ISO code BR Operating Revenue (MIL $) 721.16
NACE Rev. 2, Core code - Total Assets (MIL $) 1012.72
Direct % 60.16 Number of Employees 994
Total % 99.93 Information date 2010/12
REDE DE ELECTRICIDADE E SERVIÇOS SA Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 99.50 Number of Employees -
Total % - Information date 2010/12
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
COMPANHIA FORÇA E LUZ DO OESTE. Rating:
Country ISO code BR Operating Revenue (MIL $) 33.54
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 97.65 Number of Employees 76
Total % - Information date 2010/12
EMPRESA ELETRICA BRAGANTINA SA Rating:
Country ISO code BR Operating Revenue (MIL $) 112.83
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 96.40 Number of Employees 46
Total % - Information date 2010/12
COMPANHIA DE ENERGIA ELÉTRICA DO ESTADO DE TOCANTINS CELTINS. Rating:
Country ISO code BR Operating Revenue (MIL $) 396.15
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 70.00 Number of Employees 771
Total % - Information date 2010/12
CENTRAIS ELETRICAS DO PARA S.A. CELPA Rating: CCC
Country ISO code BR Operating Revenue (MIL $) 1465.54
NACE Rev. 2, Core code - Total Assets (MIL $) 2344.58
Direct % 10.20 Number of Employees 2221
Total % 65.18 Information date 2010/12
VALE DO VACARIA ACUCAR E ALCOOL S/A. Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 60.48 Number of Employees -
Total % - Information date 2010/12
CENTRAIS ELETRICAS MATOGROSSENSES SA - CEMAT Rating: BB
Country ISO code BR Operating Revenue (MIL $) 1081.22
NACE Rev. 2, Core code - Total Assets (MIL $) 1908.25
Direct % MO Number of Employees -
Total % - Information date 2011/10
COMPANHIA TÉCNICA DE COMERCIALIZAÇÃO DE ENERGIA. Rating: CCC
Country ISO code BR Operating Revenue (MIL $) 143.32
NACE Rev. 2, Core code - Total Assets (MIL $) 31.65
Direct % MO Number of Employees 6
Total % - Information date 2011/07
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a company’s strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
company’s solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size;
• Years in Business;
• Average number of suppliers;
• Liquidity of the company and the comparison with its sector;
• The funds dedicated to be paid to suppliers;
• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
∑Available Information∑
Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
REDE ENERGIA S.A.Tuesday, 27 November 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s
database etc.
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
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