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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

CEMIG: Brazil Utility 8% Yld & De-Leveraging, Buy

Company Analysis: 13 Jun 2018, 4:53 AM ET - We launch coverage on Brazilian utility CEMIG with a Buy recommendation. Its 9.25% $1bn 2024 bond has a strict deleveraging covenant with a 200 bp coupon step-up if the utility doesn't delever. We discuss our recent call with management.

IEnova: Sempra's Growth Beyond LNG

Company Analysis: 22 Jun 2017, 7:49 PM ET - IEnova is one of the largest energy infrastructure companies in Mexico (66% owned by Sempra Energy, ~13% of SRE's earnings) and plans to capture numerous investment opportunities in Mexico as the country deregulates its energy industry. 

CreditNote: Brazil Energy Cutbacks Could Hit Both Generation and Distribution Companies

EM Commentary: 29 May 2001, 5:53 AM ET - Brazil has ordered mandatory electric demand reductions of as much as 25% for many important segments of the economy. We expect earnings at both generation and distribution companies to be adversely affected.
Focused

CreditNote: Edelnor Gets the Hook (CCC) While DTE's Stock Rallies

Company Analysis: 07 Feb 2001, 4:10 PM ET - Fitch downgrade of Edelnor to CCC highlights checkered investment record of parent company, Mirant; DTE plans to issue $1.7 billion of rate recovery bonds, but remains quiet on merger details.

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