S&P rates Coroelec B

Standard & Poor's said it assigned a B corporate credit and senior unsecured ratings to Corporacion Electrica Nacional (Corpoelec), which the Republic of Venezuela owns.

The agency also said it is withdrawing the B- corporate credit rating on C.A. La Electricidad De Caracas following its merger into Corpoelec.

The agency also said it raised the ratings on Electricidad de Caracas Finance BV and its notes due 2014 and 2018 to B from B- given that Corpoelec has assumed all of its financial obligations.

The outlook is stable.

The ratings reflect that there is an extremely high likelihood that its owner, the Bolivarian Republic of Venezuela would provide timely and sufficient extraordinary support to the company in the event of financial distress, S&P said.

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