Fitch raises Celpa

Fitch Ratings said it has taken the following rating actions for Centrais Eletricas do Para SA (Celpa): foreign and local currency issuer default rating upgraded to B- from D; national scale rating upgraded to BB+(bra) from D(bra); and $250 million of senior unsecured notes upgraded to B-/RR4 from C/RR4.

The outlook is stable.

Fitch said that the ratings' upgrade follows the announcement that Equatorial has concluded the acquisition of 65.18% of Celpa's voting capital, equivalent to 61.37% of its total shares as of Dec. 31, for BRL1 and Fitch's expectations that the new shareholder will be able to successfully promote its financial and operational recovery plan.

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