S&P ups La Electricidad de Caracas

Standard & Poor's said it raised its foreign currency corporate credit rating on C.A. La Electricidad de Caracas (EDC) to B from B-. The outlook remains stable.

The rating action follows the recent decision to raise the long-term credit rating on the Bolivarian Republic of Venezuela (B/stable/B).

"The rating action reflects the fact that EDC has proven its ability to operate in Venezuela, which still faces foreign currency controls and macroeconomic volatility," said S&P credit analyst Federico Mora. "EDC's ratings remain closely correlated to the sovereign ratings assigned to the Bolivarian Republic of Venezuela and the macroeconomic environment in which the company operates."

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