S&P raises Comision Federal De Electricidad

Standard & Poor's said it raised its long-term foreign currency corporate credit rating on Comision Federal De Electricidad to BBB+ from BBB.

The agency said it also affirmed its A- long-term local currency credit rating on Comision Federal De Electricidad.

The outlook is stable.

S&P noted that the rating action follows the raising of its foreign currency sovereign credit ratings on the United Mexican States to BBB+/A-2 from BBB/A-3 while it also raised its local currency credit rating on Mexico to A+/A-1 from A/A-1.

The outlook is stable.

According to the agency, the two-notch difference between the local-currency ratings on Comision Federal De Electricidad and Mexico reflects both a financial profile incommensurate with the rating category and the lack of a rate-setting policy that fully compensates Comision Federal De Electricidad for all cost increases.

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