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Fitch affirms AES certificates
Fitch Ratings said it has affirmed the rating on $300 million of 11.5% trust certificates issued by AES IHB Cayman Ltd. at B-.
The affirmation reflects the upgrade of Eletropaulo Metropolitana Eletricidade de Sao Paulo SA to B- following the completion of its debt restructuring, Fitch said.
The certificates are guaranteed by AES Tiete Holding Ltd., a holding company of AES Tiete SA. Fitch has also affirmed the national scale rating of Tiete at BBB+(bra).
Fitch said the rating of the certificates is based on the underlying credit strength of Tiete and the quality and amount of dividends and distributions available to the holding company to pay debt service on the certificates.
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