LatinNews Daily - 30 May 2022

* Brazil’s state-owned electricity company, Eletrobras, has submitted its privatisation offer to the Comissão de Valores Mobiliários (CVM), the federal entity which regulates Brazilian stock markets. The submission of the privatisation plan to the CVM marks the final stage in Eletrobras’ privatisation plan, which would see the federal government decrease its overall shareholding in the company from 72% to 45%. This came on the same day that international credit ratings agency Fitch maintained Eletrobras’ long-term foreign and local currency issuer default ratings (IDRs) and outstanding senior unsecured bond ratings at ‘BB-’ with a negative outlook. Fitch notes that it did not take the planned privatisation into account in the assessment “since it is an uncertain event.”