Tuesday, 27 November 2012
REDE ENERGIA S.A.
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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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 evandro.coura@gruporede.com.br
Legal form
Not available
Account
Consolidated
Incorporation date
1929
NACE 2 Sector
3511 - Production of electricity
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Company name
Listed Status
Active
MORE Credit limit
8,200,000 e
plans 3 types of reports:
Turnover (th e) Rating s-peek
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ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
31/12/2010
31/12/2009
3,248,684
3,043,787
2,026,852
CCC
CCC
B
19.00%
19.00%
4.70%
100%
100%
100%
19.74
8.63
9.34
1.05
1.12
1.11
Current Ratio
0.61
0.82
0.86
Quick Ratio
0.60
0.81
0.85
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
12.09
5.18
16.58
-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
0.50
-0.23
0.41
Return on equity ROE (%)
Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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
Current Ratio
0.61
2.20
1.11
0.80
0.41
Quick Ratio
0.60
1.74
0.97
0.73
0.40
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
12.09
14.97
5.86
2.22
-1.71
-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
0.50
26.32
2.91
0.78
-0.72
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
-
74
325
125
30
CCC
A
BB
B
CC
Return on equity ROE (%)
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 3511 with financial data of year 2011.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
IFRS
IFRS
Local GAAP
0.41578
0.44365
0.39885
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
2,331,940
2,439,648
208,479
82,947
97,391
2,324,605
1,554,984
1,730,421
1,098,932
1,408,627
1,340,472
1,024,058
17,709
20,035
15,606
Debtors
754,195
645,760
537,647
Other current assets
636,722
674,677
470,805
285,262
337,027
165,104
Shareholders funds
259,354
582,597
450,106
Capital
558,801
317,014
284,998
-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
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
Accounting practice Exchange rate BRL - EUR Number of months
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks
Cash & cash equivalent
Other shareholders funds
Total shareh. funds & liab.
Cash & cash equivalent Net debt
285,262
337,027
165,104
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
-913,715
-296,340
-159,844
31/12/2011
31/12/2010
31/12/2009
Net Current Assets
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
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
IFRS
IFRS
Local GAAP
0.41578
0.44365
0.39885
12
12
12
Accounting practice Exchange rate BRL - EUR Number of months Sales
3,235,798
3,043,787
2,012,010
6
51
-
12,886
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
-479,939
-42,290
-277,140
Financial revenue
379,997
391,799
253,140
Financial expenses
859,936
434,088
530,280
752,348
434,088
746,316
-101,965
-143,490
25,632
17,857
2,663
-64,243
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-84,107
-140,826
-38,611
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Financial P/L
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation
201,966
22,813
-46,723
-286,073
-163,639
8,112
31/12/2011
31/12/2010
31/12/2009
P/L for period
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 Cash flow Added value
168,011
-
658,472
1,064,461
7,716
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
10,684
31/12/2011 Number of employees
31/12/2010
-110,081
31/12/2010
31/12/2009
7,100
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
DELOITTE TOUCHE TOHMATSU - AUDITO-
Auditor
-
RES INDEPENDENTES 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 $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
MO -
Total Assets (MIL $) Number of Employees Information date
4 2012/05
Rating:
DENERGE DESENVOLVIMENTO ENERGETICO SA Country ISO code NACE Rev. 2, Core code Direct %
BR 14.83
Total % Address : Not available
-
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
0
Information date
BNDES PARTICIPACOES S.A. BNDESPAR Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
49.33
BR -
Rating:
BBB
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3882.55 59532.11 0 2010/09
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2010/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
CAIUÁ - DISTRIBUIÇÃO DE ENERGIA S/A. Country ISO code NACE Rev. 2, Core code Direct % Total %
BR 100.00 100.00
NACE Rev. 2, Core code Direct % Total %
136.95
Total Assets (MIL $) Number of Employees Information date
514 2010/12
Rating:
COMPANHIA NACIONAL DE ENERGIA ELETRICA Country ISO code
Operating Revenue (MIL $)
BR
Operating Revenue (MIL $)
100.00 100.00
34 2010/12
EMPRESA DE DISTRIB DE ENERGIA VALE PARANAPANEMA SA
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
BR 100.00 100.00
NACE Rev. 2, Core code Direct % Total %
NACE Rev. 2, Core code Direct % Total %
100.00 100.00
Direct % Total %
Operating Revenue (MIL $)
353.53
Total Assets (MIL $) Number of Employees Information date
925.22 2010/12
Rating: BR
Operating Revenue (MIL $)
100.00 100.00
33.18
Total Assets (MIL $) Number of Employees Information date
112.17 23 2010/12
Rating:
REDE POWER DO BRASIL S.A. Country ISO code NACE Rev. 2, Core code
2010/12
Rating: BR
TANGARÁ ENERGIA S/A. Country ISO code
-
Total Assets (MIL $) Number of Employees Information date
QMRA PARTICIPACOES S.A. Country ISO code
73.58
Total Assets (MIL $) Number of Employees Information date
BR -
Operating Revenue (MIL $) Total Assets (MIL $)
99.98 -
-
Number of Employees Information date
33 2010/12
EMPRESA ENERGÉTICA DE MATO GROSSO DO SUL S.A. - ENERSUL
Rating:
Country ISO code NACE Rev. 2, Core code
Operating Revenue (MIL $) Total Assets (MIL $)
721.16 1012.72
Number of Employees Information date
994 2010/12
Direct % Total %
BR 60.16 99.93
Rating:
REDE DE ELECTRICIDADE E SERVIÇOS SA Country ISO code NACE Rev. 2, Core code Direct % Total %
BBB
BR -
Operating Revenue (MIL $) Total Assets (MIL $)
99.50 -
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2010/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
COMPANHIA FORÇA E LUZ DO OESTE. Country ISO code NACE Rev. 2, Core code Direct % Total %
BR 97.65 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BR 96.40 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
EMPRESA ELETRICA BRAGANTINA SA Country ISO code NACE Rev. 2, Core code Direct % Total %
COMPANHIA DE ENERGIA ELÉTRICA DO ESTADO DE TOCANTINS CELTINS.
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
BR 70.00 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BR 10.20 65.18
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BR 60.48 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
CENTRAIS ELETRICAS DO PARA S.A. CELPA Country ISO code NACE Rev. 2, Core code Direct % Total %
112.83 46 2010/12
396.15 771 2010/12 CCC 1465.54 2344.58 2221 2010/12
Rating:
VALE DO VACARIA ACUCAR E ALCOOL S/A. Country ISO code NACE Rev. 2, Core code Direct % Total %
33.54 76 2010/12
2010/12
CENTRAIS ELETRICAS MATOGROSSENSES SA - CEMAT
Rating:
BB
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
1081.22 1908.25 2011/10
BR MO -
COMPANHIA TÉCNICA DE COMERCIALIZAÇÃO DE ENERGIA.
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BR MO -
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
CCC
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
143.32 31.65 6 2011/07
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A 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.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
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
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
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 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.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 =
P Available Information P 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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
REDE ENERGIA S.A.
Tuesday, 27 November 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741