Moody's ups Companhia Energética de Sao Paulo

Moody's Investors Service said it upgraded Companhia Energética de Sao Paulo's corporate family rating and long-term senior unsecured debt rating to Ba2 from Ba3.

The outlook is now stable.

This action concludes the review with direction uncertain initiated on March 6, the agency said, adding that the upgrade to Ba2 reflects the company's continued focus on deleveraging its balance sheet and stronger cash flows.

Leverage as measured by funds from operations to total adjusted debt has improved to 11% in the last 12-month period ending on June 30 from 7% in 2006, the agency noted.

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