Moody’s lifts Light, notes

Moody's Investors Service said it upgraded the senior unsecured notes ratings of Light Serviços de Eletricidade SA and Light Energia SA to Ba3 from B1.

The agency also upgraded the corporate family rating of Light SA to Ba3 from B1 (global scale) and to A3.br from Baa1.br (national scale) and the issuer ratings of Light's operating subsidiaries Light Serviços and Light Energia to Ba3/A3.br from B1/Baa1.br.

The outlook is stable.

Moody’s said the upgrade reflects expectations that improvements in the company's operating performance illustrated by growth in EBITDA and cash flow from operations before working capital change over the recent quarters will continue going forward and lead to higher credit metrics over next 12 to 18 months.

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