Guangdong Development Fund Share Discussion Threads

[waldron] 31/5/2012 14:43

European Commission Asks France To Amend Gas Tariffs Scheme
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Gdf Suez (EU:GSZ)
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Today : Thursday 31 May 2012
The European Commission Thursday requested that the French government amend its current regulated gas tariffs for non-residential customers, ensuring prices are set depending on supply and demand, and threatening to bring the French government to court within two months.
France has set up a regulated tariff system for both households and industry which allows capped prices with no time limit, preventing gas distributors from passing higher supply costs (or part of the maintenance costs and investments) down to their customers.
The Commission considers this system caps gas tariffs for non-residential customers in a disproportionate way, as it doesn't take the companies' size and situation into consideration, the European Union's executive body said.
"The existence of a competitive internal energy market in the European Union is the best way to insure supply safety and to guarantee affordable energy prices," the Commission said, noting that regulated tariffs also prevent the emergence of new gas distributors, and "don't reflect the real needs and limit the possibilities of an effective competition."
Regulated tariffs can be accepted only if they serve the general economic interest, and are proportionate, it noted.
The Commission also explained that the issue was raised as far back as 2006.
No one at the French energy ministry was immediately available to comment.
-By Geraldine Amiel, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 30/5/2012 09:47

MOUVEMENTS ET NIVEAUX
Le titre est orienté à la baisse. Il est sous sa moyenne mobile à 50 jours située à 17,72 EUR. La moyenne mobile à 20 jours est inférieure à la moyenne mobile à 50 jours. Notre premier support est à 15,26 EUR, puis à 14,77 EUR et la résistance est à 17,24 EUR, puis à 17,73 EUR.



Dernier cours : 16.44
Opinion : positive
Tendance : baissière
Support : 15.26 / 14.77
Resistance : 17.24 / 17.73

[waldron] 24/5/2012 10:14

AOF) - Credit Suisse est passé d'une opinion Sous-performance à Neutre et réduit son objectif de cours de 20 à 16 euros

[waldron] 23/5/2012 17:19

GDF Suez (GSZ) : Achat du Put V930B

sous pression.



Achat Put GDF Suez V930B

Date : 23/05/2012

Sous-jacent : GDF Suez (ISIN : FR0010208488).

Warrant : Put V930B (ISIN : NL0010166823).

Échéance : 21/09/2012

Prix d'exercice : 16,0000

Stratégie : Achat à 0.32 euro.

Les indicateurs journaliers se retournent à la baisse et militent pour un retour sur la zone des 15.5.

Objectifs et niveau d'invalidation sur le warrant :

1er objectif : 0.39 (21,88%).

2nd objectif : 0.42 (31,25%).

Invalidation sous : 0.28 (-12,50%).

[waldron] 21/5/2012 18:56

Bulk Of GDF Suez Shareholders Opt For Dividend Balance In Shares
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Gdf Suez (EU:GSZ)
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Today : Monday 21 May 2012
French multi-utility company GDF Suez SA (GSZ.FR) said Monday that 77% of its shareholders opted for part of the company's 2011 dividend to be paid in shares.
In a statement, the company said following the approval a EUR1.50 per share dividend for 2011, shareholders had been given the option of receiving the EUR0.67 per share dividend balance in shares.
The large majority of shareholders, including the French state which owns a 36% stake in the company and Groupe Bruxelles Lambert (GBLB.BT) which holds around a 5% interest, took up the offer.
The subscription will result in a capital increase of EUR1.1 billion with the issue of 69,002,807 new shares, for delivery May 24, 2012, said GDF Suez.
-By Nadya Masidlover, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 19/5/2012 21:28

Graphiquement : les niveaux de résistances se situent sur : 16.7 puis 17. Tandis que les prochains supports sont sur : 15.1 puis 14.8.

Notre préférence : Le titre GDF Suez (Euronext: GSZ.NX - actualité) (GSZ) est baissier tant que 17 est résistance.

Le point d'invalidation de notre scénario est situé sur : 17.
Cours de référence : 16.2.
Copyright © CHARTS

[ariane] 16/5/2012 20:16

E.ON To Sell Gas Grid Unit To Macquarie Consortium For EUR3.2 Billion
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Gdf Suez (EU:GSZ)
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Today : Wednesday 16 May 2012
German utility E.ON AG (EOAN.XE) said Wednesday it has agreed to sell its natural-gas transmission grid to a consortium led by Australian bank Macquarie Group Ltd.'s (MQG.AU) infrastructure funds, in a deal worth EUR3.2 billion.
The consortium includes Macquarie's European Infrastructure Fund 4, Abu Dhabi's Infinity Investments, British Columbia Investment Management Corp. from Canada and the capital investment unit of German reinsurer Munich Re AG (MUV2.XE), said E.ON in a written statement.
The transaction is expected to close in the third quarter 2012, said E.ON, subject to approval by the German Federal Cartel Office and the German Federal Ministry of Economics and Technology.
The announcement confirms a previous report by Dow Jones Newswires that the Macquarie consortium has beaten stiff competition, including from financial heavyweights such as German insurer Allianz SE (ALV.XE) and French partially state-controlled utility GDF Suez SA (GSZ.FR).
-By Jan Hromadko, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 16/5/2012 20:13

UPDATE: E.ON Sells Gas Grid To Macquarie Consortium For EUR3.2 Billion
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Gdf Suez (EU:GSZ)
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Today : Wednesday 16 May 2012
German utility E.ON AG (EOAN.XE) said Wednesday it has agreed to sell its natural-gas transmission grid to a consortium led by Australian bank Macquarie Group Ltd.'s (MQG.AU) infrastructure funds, in a deal worth EUR3.2 billion.
The agreed enterprise value of the deal amounts to EUR2.9 billion, E.ON said in a written statement. The total purchase price includes around EUR300 million in pension liabilities "and other assets," it added without further elaborating.
The transaction allows the big German utility to make progress on its quest to reduce debt in the face of a weak electricity market at home. The deal also hands to the Macquarie group a stake in Germany's largest gas-transmission grid, which had commanded strong interest because of its strategic location in the heart of Europe.
The deal will be the second gas-network purchase by the Australian bank in just over a year. Last year, it acquired a smaller grid from RWE AG (RWE.XE) for around EUR500 million.
The Open Grid Europe network of pipelines stretches over around 12,000 kilometers across much of Germany, with a geographic focus on the former West Germany. Its compressor station Waidhaus on the German-Czech border is one of Europe's largest entry-hubs for Russian gas, which accounts for around a quarter of Europe's gas supply.
The network of pipelines transports nearly 62.5 billion cubic meters of natural gas a year, accounting for around 70% of Germany's total annual shipping volume, Macquarie said in a separate statement.
The announcement confirms a previous report by Dow Jones Newswires that the Macquarie consortium has beaten stiff competition, including from financial heavyweights such as German insurer Allianz SE (ALV.XE) and utility GDF Suez SA (GSZ.FR) in which the French government holds a stake.
The buying consortium includes Macquarie's European Infrastructure Fund 4; Infinity Investments, a wholly-owned unit of the Abu Dhabi Investment Authority; British Columbia Investment Management Corp. of Canada; and the capital investment unit of German reinsurer Munich Re AG (MUV2.XE), said E.ON in a written statement.
People familiar with Macquarie's bid Tuesday told Dow Jones Newswires that the Australian bank intends to tap bond markets to refinance a substantial part of the deal.
The financing is likely to be around 70% of the purchase price for the natural gas transmission network and amount to about EUR2.25 billion, two people had said. The debt is primarily divided between five-year loans and shorter-dated financing, one of these people said. The shorter dated debt, about EUR1 billion, will likely be refinanced in the bond market over the next 12 months, this person added.
Macquarie declined to comment on the financing issue.
E.ON said the transaction is expected to close in the third quarter 2012, adding that it is subject to approval by the German Federal Cartel Office and the German Federal Ministry of Economics and Technology.
Market observers have previously said that the deal is unlikely to cause any antitrust problems, because energy grid assets in Germany are fully regulated. They have also said they expect the German government to approve the deal, adding that E.ON has probably sought general consent from the government ahead of the sale.
The German Economy Ministry didn't have an immediate comment.
The sale is part of E.ON's broader disposal program, under which it plans to sell EUR15 billion worth of assets by the end of 2013 to refocus the company and reduce debt. Including the sale of the gas grid, E.ON's disposal program has generated proceeds of over EUR12 billion so far.
Other assets the Duesseldorf-based utility has put on the block include its waste incineration unit Energy from Waste, a transaction that could fetch another EUR1 billion, people familiar with the matter have previously said.
Goldman Sachs Group Inc. (GS) acted as advisor to E.ON in the sale of Open Grid Europe. The buyer consortium was advised by Macquarie Capital and Royal Bank of Canada (RY).
-By Jan Hromadko, Dow Jones Newswires; [phone]; [e-mail]
(Carol Dean in London and Eyk Henning in Frankfurt contributed to this story.)

[ariane] 15/5/2012 21:29

UPDATE: UK Minister: Significant Interest In Horizon Nuclear JV
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Gdf Suez (EU:GSZ)
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Today : Tuesday 15 May 2012
There is "significant" interest from potential buyers of RWE AG's (RWE.XE) and E.ON AG's (EOAN.XE) Horizon nuclear power project in the U.K., but a deal needs to happen soon, U.K. Energy Minister Charles Hendry told a parliamentary committee Tuesday.
"There is a window over the next few months when serious interest would have to be shown. I don't think we should be in any doubt that it is urgent," Hendry told the hearing.
He said that it didn't matter where the companies were from as long as they have proven nuclear expertise. He said it was unlikely that current nuclear groups working in the U.K., comprising Electricite de France SA (EDF.FR) and GDF Suez SA (GSZ.FR) in partnership with Iberdrola SA (IBE.MC), would buy Horizon.
According to recent reports, Russia's Nuclear Energy State Corporation, or Rosatom, is interested in the Horizon project as are some Chinese and Japanese companies.
Hendry also said Nomura had been appointed financial advisers on the sale of Horizon.
Nomura declined to comment.
-By Selina Williams, Dow Jones Newswires [phone]; [e-mail] (Carol Dean contributed to this story.)

[ariane] 15/5/2012 16:45

UK Minister: Seeing Significant Interest In Horizon Nuclear JV
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Gdf Suez (EU:GSZ)
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Today : Tuesday 15 May 2012
There is "significant" interest from potential buyers of RWE AG's (RWE.XE) and E.ON AG's (EOAN.XE) Horizon nuclear power project in the U.K., but a deal needs to happen soon, U.K. Energy Minister Charles Hendry told a parliamentary committee Tuesday.
"There is a window over the next few months when serious interest would have to be shown. I don't think we should be in any doubt that it is urgent," Hendy told the hearing.
He said that it didn't matter where the companies were from as long as they have proven nuclear expertise. He said it was unlikely that current nuclear groups working in the U.K., comprising Electricite de France SA (EDF.FR) and GDF Suez SA (GSZ.FR) in partnership with Iberdrola SA (IBE.MC), would buy Horizon.
According to recent reports, Russia's Nuclear Energy State Corporation, or Rosatom, is interested in the Horizon project as are some Chinese and Japanese companies.
-By Selina Williams, Dow Jones Newswires [phone]; [e-mail]

[ariane] 14/5/2012 19:19

Graphiquement : les niveaux de résistances se situent sur : 17.2 puis 17.5. Tandis que les prochains supports sont sur : 16 puis 15.6.

Notre préférence : Le titre GDF Suez (Euronext: GSZ.NX - actualité) (GSZ) est baissier tant que 17.5 est résistance.

Le point d'invalidation de notre scénario est situé sur : 17.5.
Cours de référence : 17.
Copyright © CHARTS

[waldron] 14/5/2012 13:07

MOUVEMENTS ET NIVEAUX
Le titre est orienté à la baisse. Il est sous sa moyenne mobile à 50 jours située à 18,24 EUR. La moyenne mobile à 20 jours est inférieure à la moyenne mobile à 50 jours. Notre premier support est à 15,89 EUR, puis à 15,48 EUR et la résistance est à 17,9 EUR, puis à 18,7 EUR.



Dernier cours : 17
Opinion : négative
Tendance : baissière
Support : 15.89 / 15.48
Resistance : 17.9 / 18.7

[ariane] 11/5/2012 18:46

UPDATE: Nord Stream Mulls Expansion; Possibly 2 More Pipelines
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Today : Friday 11 May 2012
Nord Stream, the consortium that operates a natural gas pipeline that ships Russian gas to western Europe via the Baltic Sea, said Friday it is considering further expanding the pipeline.
In a written statement, the consortium, led by Russian gas monopoly Gazprom OAO (GAZP.RS), said its shareholders have asked the company to conduct "a feasibility study" into possible options to further increase capacity.
"Over the next eight months, Nord Stream will make an assessment of various criteria of up to two potential additional pipelines, including technical solutions, route alternatives, environment and financing," the company said.
It didn't say by how much the expansion could increase gas shipping capacity. A Nord Stream spokesman said the exact amount of the possible capacity expansion will be determined in the feasibility study.
"We will look at how much additional gas will be needed in northwestern Europe in the coming decades" and make an decision accordingly, the spokesman said.
He added that the feasibility study would be followed by further examinations--including the environmental impact assessment of the project--and subsequently an approval process. An investment decision by Nord Stream shareholders would then follow as a third step.
The first of Nord Stream's two parallel pipelines started operations in November last year. Each of the pipelines is around 1,220 kilometers long and has a transport capacity of 27.5 billion cubic meters per year.
Construction work on the second pipeline has recently been concluded. The first expansion will increase Nord Stream's capacity to 55 billion cubic meters in late 2012.
Gazprom owns 51% in Nord Stream with BASF SE's (BAS.XE) Wintershall unit and E.ON AG (EOAN.XE) each holding an interest of 15.5% in the pipeline company. Dutch gas grid operator Gasunie and French utility GDF Suez SA (GSZ.FR) each own 9% of the shares.
-By Jan Hromadko, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 11/5/2012 18:43

Nord Stream Mulls Expansion; Possibly 2 More Pipelines
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Gdf Suez (EU:GSZ)
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Today : Friday 11 May 2012
Nord Stream, the consortium that operates a natural gas pipeline that ships Russian gas to western Europe via the Baltic Sea, said Friday it is considering further expanding the pipeline.
In a written statement, the consortium, led by Russian gas monopoly Gazprom OAO (GAZP.RS), said its shareholders have asked the company to conduct "a feasibility study" into possible options to further increase capacities.
"Over the next eight months, Nord Stream will make an assessment of various criteria of up to two potential additional pipelines, including technical solutions, route alternatives, environment and financing," the company said.
It didn't say by how much the expansion could increase gas shipping capacity. A Nord Stream spokesman said the exact amount of the possible capacity expansion will be determined in the feasibility study.
"We will look at how much additional gas will be needed in northwestern Europe in the coming decades" and make an decision accordingly, the spokesman said.
-By Jan Hromadko, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 11/5/2012 08:55

International Power To Sell 40% Of Hidd Power Company For $113 Million
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Intl Power (LSE:IPR)
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Today : Friday 11 May 2012
International Power PLC (IPR.LN) Friday announced that the sale of 40% of Hidd Power Company, or HPC, in Bahrain to Malakoff International Ltd for $113.4 million has been completed, in line with an agreement to sell down part of its interest in the Bahraini power market to comply with regulatory requirements following the combination with GDF SUEZ Energy International in February.
MAIN FACTS:
-Transaction also contributes EUR0.6 billion to the GDF SUEZ EUR10 billion portfolio optimisation programme.
-Following this sale, International Power will continue to own 30% of HPC, which will now be accounted for under the equity method as an associate with its net debt of EUR538 million as at March 31) not included within the Group net debt.
-As at Dec. 31, HPC was an asset held for sale and therefore its net debt was not consolidated.
- International Power shares closed Thursday at 417.7 pence valuing the company at GBP21.29 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; [e-mail]

[grupo guitarlumber] 11/5/2012 06:05

GDF Suez Eyes E.ON AG's Gas Pipeline Network -Report
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Today : Friday 11 May 2012

French utility GDF Suez (GSZ.FR) is leading a consortium that has filed a definitive offer to buy the extensive pipeline network that German utility E.ON AG (EOAN.XE) has up for sale, French daily Les Echos reported Friday, cited "several sources".
The consortium includes CNP Assurances (CNP.FR) and IFM Australian Infrastructure Fund, the newspaper said. The 12,000 kilometers of pipeline are valued at EUR3 billion ($3.89 billion), the newspaper said.
Three other groups also are interested in the E.ON pipeline assets, the newspaper said. E.ON is expected to pick a buyer by mid-May, the newspaper said.
Newspaper website:
-Dow Jones Newswires; [e-mail]

[ariane] 07/5/2012 12:45

MOUVEMENTS ET NIVEAUX
Le titre est orienté à la baisse. Il est sous sa moyenne mobile à 50 jours située à 18,42 EUR. La moyenne mobile à 20 jours est inférieure à la moyenne mobile à 50 jours. Notre premier support est à 16,1 EUR, puis à 15,48 EUR et la résistance est à 18,62 EUR, puis à 18,93 EUR.



Dernier cours : 17.09
Opinion : négative
Tendance : baissière
Support : 16.1 / 15.48
Resistance

[waldron] 04/5/2012 16:21

E.ON To Pick Buyer For Gas Grid By Mid-May - Sources
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Cnp Assurances (EU:CNP)
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Today : Friday 4 May 2012
German utility E.ON AG (EOAN.XE) will pick a buyer for its gas distribution network Open Grid Europe in mid-May after four consortia submit binding bids by next Wednesday in a deal valued at up to around EUR3 billion, several people familiar with the matter told Dow Jones Newswires.
One source said the executive board would pick a buyer May 15, but that the deal would need the okay by the supervisory board thereafter. Another source said that E.ON has finished negotiations with the suitors and that some of the bidders still need some time to get green light from their investment committees.
An E.On spokesman declined comment.
The bidders include a consortium of French utility GdF Suez (GSZ.FR), French insurer CNP Assurances (CNP.FR) and IFM Australian Infrastructure as well as a team around Belgium's Fluxys SA (FLUX.BT) and General Infrastructure Partners. Another consortium is made up of Macquarie's infrastructure funds, the Abu Dhabi Investment Authority and British Columbian Investment Management Corporation.
One of the consortia includes state-owned Dutch utility Gasunie, which is teaming up with Allianz SE's (ALV.XE) investment arm Allianz Capital Partners and the pension fund Canada Pension Plan. While some sources have suggested Gasunie's status could be in doubt following the turnover of the Dutch government, one of the people said Gasunie is still in and that financing is in place.
A spokesman for the Dutch ministry of Economic Affairs declined to comment.
The planned sale of Open Grid Europe is part of a broader disposal program under which E.ON plans to sell EUR15 billion worth in assets by the end of 2013. E.ON has said it plans to use the proceeds from the disposals to reduce debt and for reinvestment in emerging markets in a move to reduce dependence on European countries. So far, E.On assets worth over EUR9 billion have been sold.
The assets have commanded strong interest because they include Germany's largest gas distribution network with 12,000 kilometers of pipelines and serve as a link between Eastern and Western Europe. German rival RWE AG (RWE.XE) last year sold its 4,100-kilometer pipeline network for around EUR500 million.
-By Jan Hromadko, Eyk Henning and Jessica Hodgson, Dow Jones Newswires,
(Patrick Buis contributed to this article)

[grupo guitarlumber] 01/5/2012 08:05

MOUVEMENTS ET NIVEAUX
Le titre est orienté à la baisse. Il est sous sa moyenne mobile à 50 jours située à 18,57 EUR. La moyenne mobile à 20 jours est inférieure à la moyenne mobile à 50 jours. Notre premier support est à 16,36 EUR, puis à 15,96 EUR et la résistance est à 19,13 EUR, puis à 19,53 EUR.

[waldron] 28/4/2012 09:41

TEXT-Fitch raises Tractebel Energia IDRs to 'BBB'
inShare.0Share thisEmailPrintRelated TopicsStocks »Bonds News »Bonds »Markets »Utilities »Fri Apr 27, 2012 4:16pm EDT


April 27 - Fitch Ratings has upgraded Tractebel Energia S.A.'s
(Tractebel) Local and Foreign Currency Issuer Default Ratings (IDRs) to 'BBB'
from 'BBB-'. At the same time, the agency has also upgraded Tractebel's National
Scale rating and the rating of its second debenture issuance due 2014 to
'AAA(bra)' from 'AA+(bra)'. The Outlook remains Stable.

The rating action reflects Tractebel's solid consolidated financial profile,
strong and predictable cash flow generation from operations and its low
financial leverage. Fitch's view is that the company has implemented the actions
needed to prepare its balance sheet for the very likely transfer of the
hydroelectric plant of Jirau (UHE Jirau) from its parent company GDF-Suez (Suez)
to Tractebel. Tractebel's consolidated financial profile is expected to
deteriorate only moderately as a result of this transaction given the expected
favorable terms of the transfer. Fitch estimates that Tractebel's consolidated
leverage, measured by total debt-to-EBITDA, should reach approximately 3.0 times
(x), which is still consistent with the company's ratings.

The ratings also incorporate Fitch's expectations that Tractebel will be
cautious regarding the price it will pay for the asset, in accordance with the
strength of UHE Jirau. The project has approximately 73% of its assured energy
already commercialized and it should not be difficult to negotiate the remaining
portion with adequate terms. It also counts on a project finance line already
approved by Banco Nacional de Desenvolvimento Economico e Social (BNDES) with a
25-year tenor, which will not have corporate guarantee from Tractebel.

Tractebel's ratings are further supported by the company's prominent market
position as the largest private electric energy generation company in Brazil;
its operational efficiency; the existence of long-term power purchase agreements
and, to a lesser extent, the credit strength and sector expertise of its parent
company, GDF-Suez, as a relevant global power company. The ratings also factor
in the company's ambitious expansion plans and the risks associated with the
execution phase of the projects being developed by the company, although the
latter is reduced by the controlling shareholder's strategy of only transferring
the assets under development to Tractebel after the main risks are mitigated.
Hydrological risk is inherent to the company's activities but it does not
represent a concern at this moment.

High and Predictable Operational Cash Generation:

Tractebel's credit profile benefits from its strong and predictable cash flow
generation. In 2011 the company posted record results with net revenues of
BRL4.3 billion and EBITDA of BRL2.9 billion on a consolidated basis, which
compare favorably to BRL4.1 billion and BRL2.6 billion, respectively, in 2010.
The main factors that contributed for this growth were higher average prices, as
a result of the company's adequate contracts portfolio management; the start-up
of UHE Estreito, in which Tractebel holds a 40.07% participation; and the higher
dispatch of its generating assets, due to favorable hydrological conditions
throughout the year. This scenario also benefited EBITDA margin, which reached
67.2% in 2011 compared to 63.7% in the previous year.

Sound Free Cash Flow, Despite High Dividends Payout:

Fitch considers as positive the flexibility that Tractebel demonstrated in
reducing its dividends distribution as a way to preserve cash and provide debt
reduction. In 2011, the robust cash flow from operations (CFFO) grew 22%, to
BRL2.1 billion and was sufficient to cover BRL347 million of capital
expenditures and BRL1 billion of dividends, resulting in a positive free cash
flow (FCF) of BRL704 million for the period. The company has historically
presented a high dividends payout, around 95% of net profit; however, it reduced
the distributions for 2009 and 2010, to 58% and 55%, respectively, aiming at
strengthening its financial statements and preparing for the acquisition of the
UHE Jirau project from its parent company. In 2011, the dividends payout of 95%
was resumed after the postponement of this movement.

Maintenance of Solid Credit Metrics:

Fitch believes that Tractebel will be able to maintain credit indicators
consistent with its ratings even after the acquisition of UHE Jirau. This
acquisition should occur in the beginning of 2013, after main project risks are
mitigated. It is a large hydroelectric plant, with expected installed capacity
of 3,750 megawatts (MW) and investments estimated at BRL15,1 billion, which up
to now has been on GDF Suez's balance sheet.

According to Fitch estimates, Tractebel's consolidated total debt-to-EBITDA may
not exceed 3.0 times (x), and is expected to de-lever from 2014 onwards. Fitch
believes that the parent company would provide some flexibility in transferring
these assets in order to avoid liquidity pressure and to respect existing
financial covenants for Tractebel's debt.

As of year-end 2011, Tractebel's consolidated leverage declined to 1.4x from
1.9x in 2010, while its net debt-to-EBITDA ratio decreased to 1.1x from 1.5x
during the same period. As of December 2011, the company's interest coverage, as
measured by EBITDA to interest expenses was strong, at 11.3x. From 2007 to 2011
the company reported, on average, a net leverage of 1.2x and an interest
coverage ratio of 9.7x.

Credit Profile Benefits from Long-Term Energy Sale Contracts:

Tractebel is the largest private energy generation company in Brazil, with a
total installed capacity of 6,907.6 MW, to be further increased to 8,931.8 MW
after the acquisition of 50.1% of the 3,750 MW of UHE Jirau and the conclusion
of investments of 145 MW in wind farms. Its low cost structure guarantees the
company's competitiveness within the segment and stable operational margins.
Tractebel further benefits from a successful energy commercialization strategy,
the efficient monthly allocation of firm capacity and, to a lesser degree, the
dilution of operational risks obtained through its diversified asset base. The
recent operation of UHE Estreito, the potential acquisition of UHE Jirau, and
the ongoing investments in wind farms reinforce this diversification.

Tractebel's energy balance going forward shows a secure contracted volume. Its
contracted energy position is strong, above 87% of assured energy until 2015,
being 98% in 2012, with adequate tariffs. Tractebel is also in a position to
capture probable energy prices based on a tighter supply and demand balance. Its
sales are diversified among distribution companies with long-term contracts and
unregulated customers and commercialization companies with shorter term
contracts and flexible conditions.

Strong Liquidity Position and Financial Flexibility:

Tractebel's consolidated figures present a robust liquidity position. As of Dec.
31, 2011, cash and marketable securities amounted to BRL782 million, covering by
1.7x its short-term debt of BRL453 million. The cash and equivalents +
CFFO/short-term debt ratio of 6.3x was also strong. There was a significant
reduction in Tractebel's consolidated debt to BRL4 billion at the end of 2011,
from BRL4.9 billion the previous year. The company's debt maturity schedule is
adequately distributed along the years and it is consistent with Tractebel's
strong cash generating capacity.

Fitch notes that Tractebel has financial flexibility and broad access to bank
debt and the capital markets, as one of the main companies engaged in the power
sector in Brazil. It is important that the company finances its projects with
adequate credit lines in terms of payment conditions and financial costs. Given
the financial strength of its parent company, greater flexibility is also
expected in the payment of dividends or for the acquisition of assets, if
necessary.

Ambitious Investment Plan; Project Risks Partially Mitigated:

Tractebel has made sizeable investments in the energy sector, representing 86%
growth in its generation installed capacity since 1998. In general, investments
in new projects have a negative impact on the company's consolidated credit
ratios and pressure its cash flow, since they add debt and require resources,
while operational cash generation occurs only after the operation starts up.
Despite the inherent risk of the construction of generation plants, Fitch sees
as positive Suez's strategy of first developing projects and transferring them
to Tractebel only after mitigation of the main risks. The consequences of the
incorporation and/or development of other projects by Tractebel for the
company's ratings will depend on the time to realization and the financial
conditions of these transactions.

Key rating drivers:
The ratings could be negatively affected if Tractebel expands its activities
more rapidly than expected, incorporating projects that are not under its
current business plan and financing them mainly with debt, to the extent that
would lead to a material deterioration in its credit protection measures.
Another upgrade of Tractebel's ratings is unlikely until the Jirau acquisition
is concluded. Going forward, the ratings could benefit from operational cash
flows more robust than expected, supported by adequate management of its energy
and cost discipline. These factors could contribute to a further strengthening
of its capital structure and the maintenance of its financial leverage at
conservative levels.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 12, 2011);
--'National Ratings Criteria' (Jan. 19.2011).

Applicable Criteria and Related Research:
Corporate Rating Methodology
National Ratings Criteria