Fitch upgrades Eletropaulo

Fitch Ratings said it upgraded the ratings of Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (Eletropaulo).

Ratings upgraded include the foreign currency issuer default rating to BB from BB-; local currency issuer default rating to BB from BB-; long-term national scale rating to A+(bra) from A(bra); senior unsecured notes due 2010 to BB from BB-; ninth issuance of debentures due 2018 to A+(bra) from A(bra); 10th issuance of debentures due 2013 to A+(bra) from A(bra); 11th issuance of debentures due 2018 to A+(bra) from A(bra); and bank credit certificate (cedula de credito bancario - CCB) due 2015 to A+(bra) from A(bra).

The outlook is stable for the corporate ratings.

Fitch said the upgrade reflects Eletropaulo's conservative financial profile, low business risk and an increasingly stable regulatory framework in Brazil that has matured over the last few years.

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