S&P ups Eletropaulo ratings

Standard & Poor's said it raised its global scale foreign and local currency ratings on Brazilian utility Eletropaulo Metropolitana Eletricidade de Sao Paulo SA to B from CCC-.

At the same time, S&P raised its national scale corporate credit rating on Eletropaulo and its national scale issue rating on Eletropaulo's 7th debentures to brBB+ from brCCC-.

The ratings were removed from CreditWatch, where they were placed with positive implications on June 22. The outlook on all Eletropaulo ratings is now stable.

S&P said the rating action reflects the reassessment of Eletropaulo's creditworthiness following the conclusion of the debt restructuring the company had started in 2002. The company refinanced some real 2.3 billion in debt in March. In June Eletropaulo also completed the exchange offer on a $2.3 million portion of a euro commercial paper issue still in default (over 99.9% of bondholders accepted the exchange).

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