S&P ups Eletropaulo

S&P said it raised its long-term issuer credit ratings on Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (Eletropaulo) to BB+ from BB- on the global scale and to brAAA from brAA+ on the national scale.

S&P assigned a stable outlook to the ratings and removed them from CreditWatch with positive implications. The bb- stand-alone credit profile (SACP) remains unchanged.

“The rating action incorporates our view that the company's new indirect controlling shareholder, Enel Americas SA (Enel Americas: BBB/stable/--) has strong incentive and capacity to provide timely and sufficient support to the distributor, and that this support should come even under a hypothetical sovereign default scenario of Brazil (BB-/stable/B; brAAA/stable/--),” S&P said in a news release.

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