S&P ups Cemat, Celpa, Celtins

Standard & Poor's said it raised its corporate credit ratings by one notch in the global-scale on three Brazilian electric power distribution companies: Centrais Eletricas Matogrossenses SA (Cemat, to B from B-), Centrais Eletricas do Para SA (Celpa, to B from B-) and Companhia de Energia Electrica do Estado do Tocantins (Celtins, to B+ from B).

The agency said it also upgraded Celpa's and Cemat's jointly owned $38 million of unsecured senior notes units to B from B-.

The rating actions mirror significant improvements in the companies' financial risk profile, marked by the development in the companies' financial flexibility and liquidity position, S&P noted, adding that the three companies have concentrated efforts in liability management, mainly focusing on extending debt maturities.

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