Fitch cuts Eletropaulo

Fitch Ratings said it has downgraded Eletropaulo Metropolitana de Eletricidade de Sao Paulo SA's foreign and local currency issuer default ratings to BB+ from BBB-.

Fitch said it has simultaneously affirmed Eletropaulo's long-term national-scale rating at AA(bra).

The outlook for all ratings is revised to negative from stable.

The agency noted that the rating downgrade reflects Eletropaulo's weakening credit profile due to significant reductions in cash flow from operations resulting from the last tariff revision coupled with higher energy costs.

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