Fitch ups Comision Federal

Fitch Ratings said it upgraded Comision Federal de Electricidad's ratings as follows:

• Long-term foreign currency issuer default rating to BBB+ from BBB;

• Long-term local currency issuer default rating to A- from BBB+;

• $1 billion senior notes due 2021 to BBB+ from BBB; and

• $750 million senior notes due 2042 to BBB+ from BBB.

The actions follow Fitch's upgrade of the United Mexican States' foreign currency issuer default rating to BBB+ from BBB and its local currency issuer default rating to A- from BBB+.

The upgrade of the sovereign's credit ratings reflects its strong macroeconomic fundamentals, including the absence of macro-financial imbalances, consistent adherence to its inflation targeting and flexible exchange rate regimes, as well as the greater than anticipated commitment of the new administration and congress to pass structural reforms, the agency said.

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