Moody’s upgrades EEM

Moody's Investors Service said it upgraded the long-term corporate family rating of Empresa de Electricidade da Madeira, SA (EEM) to Ba3 from B1.

Moody's has also upgraded the baseline credit assessment to ba3 from b1.

The outlook remains positive.

“The rating upgrade is mainly driven by the improvement in EEM's credit metrics over 2019-21, and Moody's view that this trend will be sustained in 2022-23,” the agency said in a news release.

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