S&P ups Eletropaulo

Standard & Poor's raised its foreign and local currency corporate credit rating on Eletropaulo Metropolitana Eletricidade de Sao Paulo SA to CCC- from SD on its global scale and raised its corporate credit rating to brCCC- from SD and its issue credit rating on Eletropaulo's Brazil real 700 million debenture issue to brCCC- from brCC on its national scale. The ratings were placed on CreditWatch with positive implications.

S&P said the rating action follows the conclusion of Eletropaulo's debt exchange.

The watch with positive implications indicates that the ratings can potentially be raised depending on the reassessment of Eletropaulo's financial profile considering the amortization schedule of its debt after concluding the renegotiation, as well as the consolidated debt amortization requirements at the holding company level.

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