Moody's ups SPCM

Moody's Investors Service said it upgraded the corporate family rating of SPCM SA to Ba3 from B1.

The outlook is stable.

The upgrade was driven by the overall improvement in the credit profile of the group, the agency said. In particular, the upgrade reflects the group's solid performance in 2010 and the first quarter of 2011 as well as its improved financial flexibility, achieved by its debt refinancing in 2010.

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