Fitch: Celpa now positive

Fitch Ratings said it has affirmed Centrais Eletricas do Para SA's ratings as follows: foreign and local currency issuer default ratings at B- and national scale rating at BB+(bra).

Fitch has also revised the outlook to positive from stable.

Celpa's ratings reflect its still high financial leverage and reduced operating cash generation. Fitch said it believes that the company's progress, achieved mainly in the third quarter of 2013, is in accordance with the agency's initial expectations.

The ratings also incorporate how the extended debt maturity schedule and reduced financial cost benefit the company's credit profile, the agency noted.

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