Fitch ups Globo notes to BBB

Fitch Ratings said it upgraded Globo Comunicacao e Participacoes SA's foreign-currency issuer default rating to BBB from BBB-, local-currency issuer default rating to BBB from BBB- and national scale long-term rating to AAA(bra) from AA+(bra). Fitch also said it upgraded Globo's $325 million 9 3/8% perpetual notes issued in 2006 to BBB from BBB- and $200 million 7¼% senior notes due 2022 to BBB from BBB-.

The outlook is stable.

The upgrade reflects Globo's business strength and resilience, Fitch said, as well as the company's ability to preserve strong credit metrics.

Even in the more challenging economic scenario faced in 2009, Globo grew its revenues, maintained a robust cash flow and remained with a high liquidity position, the agency said.

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