S&P ups S.C. Hidroelectrica

Standard & Poor's said it raised its long-term corporate credit rating on S.C. Hidroelectrica SA to BB from BB-.

The outlook is positive.

The agency said that the upgrade reflects an improvement in Hidroelectrica's business profile on the back of benign macroeconomic development, which supports growth in Romania's electricity consumption and tempers the economy's transitional features and a full deregulation of electricity prices as of mid-2007.

A benign economic environment as well as restructuring efforts in the Romanian energy sector, including the privatization of regional distribution companies, has already resulted in better payment discipline and an improved market position for Hidroelectrica, the agency noted.

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