Fitch affirms Electricidad de Caracas

Fitch Ratings said it affirmed the international foreign currency and local currency ratings of C.A. La Electricidad de Caracas at B+ and BB-, respectively. The foreign currency rating of the company is constrained by the Venezuelan sovereign rating of B+.

All ratings maintain a stable outlook.

Likewise, Fitch also assigns a long-term national rating for Electricidad de Caracas at AA+(ven) and a short-term national rating at F-1+(ven).

Fitch said the assigned ratings reflect the company's position as the largest private electric utility company in Venezuela and as a low-cost, vertically integrated company. The company is well-positioned to operate in the evolving Venezuelan electricity market.

The ratings also incorporate the many economic and political challenges that have affected the credit quality of both the company and Venezuelan sovereign, the agency said.

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