Moody's ups Brazilian issuers

Moody's Investors Service said it upgraded the foreign currency ratings for the issuers listed below. These rating actions follow the upgrade of Brazil's ceiling for foreign currency bonds and notes to B1 from B2.

The following issuers are affected: Companhia Siderurgica Paulista - Cosipa $500 million guaranteed medium-term note program to B1 from B2 and $175 million guaranteed medium-term notes to B1 from B2; Empresa Brasileira de Telecomunicacoes SA's (Embratel) $200 million senior unsecured notes to B1 from B2; Companhia Brasileira de Petroleo Ipiranga's $100 million senior unsecured step-up notes to B1 from B2; Companhia Petrolifera Marlim's $500 million medium-term notes to B1 from B2; and Telecomunicacoes de Sao Paulo SA's foreign currency issuer rating to B1 from B2.

The outlook for all ratings is stable.

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