S&P upgrades Light Sesa ratings for Light stock from D to brBB+

Published on 10/16/2026 at 02:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Light reported BRL 3.80 billion in second-quarter revenue and a BRL 252.18 million net loss. Light stock last stood at BRL 3.84 on B3 on October 15, 2026.

Credit repair meets operating risk

S&P lifted Light Sesa ratings on September 18, 2026, including long-term debt from D to brBB+.
Light reported BRL 3.80 billion in second-quarter revenue and a BRL 252.18 million net loss.
Safra set a BRL 4.20 year-end 2026 target on September 18, 2026.

Light, BRLIGTACNOR2, Illustration mit AI erstellt.

Light (ISIN BRLIGTACNOR2) is rebuilding its balance sheet after S&P Global Ratings lifted Light Servicos de Eletricidade ratings on September 18, 2026. According to Money Times, the long-term issuer rating rose from D to brBB+, while the short-term rating moved from D to brB.

Why the rating matters

The upgrade marked a financial milestone after Light completed its court-supervised restructuring. Money Times reported that debt conversion reduced gross debt by BRL 1.70 billion and that Light also completed a BRL 1.50 billion capital increase. S&P projected net debt to adjusted EBITDA at 5.30 times in 2026 and 4.80 times in 2027, compared with 6.50 times in 2025.

The credit improvement still carries an operating test. Money Times said S&P continued to flag cash generation and capital-market access as risks, while regulatory changes linked to electricity losses remain important for the company.

What changed in the second quarter?

Light reported BRL 3.80 billion in revenue for the second quarter of 2026, down from BRL 4.05 billion in the first quarter, while net income shifted from BRL 2.82 billion to a BRL 252.18 million loss. The standardized financial figures show why debt reduction alone does not settle the investment case.

Investing.com listed adjusted EBITDA of BRL 566.00 million for the second quarter of 2026, up 82.30 percent from a year earlier, alongside a net debt decline from BRL 8.84 billion in the first quarter to BRL 7.30 billion.

Three milestones reshape Light

On August 13, 2026, Light reported second-quarter revenue of BRL 3.80 billion and a BRL 252.18 million net loss, according to Investing.com. On September 17, 2026, S&P raised Light Sesa's long-term rating from D to brBB+, according to Money Times. On September 18, 2026, Safra began coverage with a neutral recommendation and a BRL 4.20 target for the end of 2026, as reported by Safra.

When is the next test?

Investing.com lists November 12, 2026 as Light's next reporting date. Safra's September 18 analysis identified the 2027 tariff review as a key operating catalyst and highlighted regulatory losses as a central risk.

Debt still sets the terms

Light operates electricity distribution, generation and trading businesses in Brazil, with distribution in Rio de Janeiro state, according to Investing.com. The shares last stood at BRL 3.84 on B3 on October 15, 2026 at 5:05 p.m. BRT. The market capitalization was BRL 6.2 billion, with a 52-week range of BRL 2.41 to BRL 6.49.