Fitch lifts Electricidad de Caracas, rates notes BB-

Fitch Ratings said it upgraded both the foreign currency and local currency issuer default ratings for CA La Electricidad de Caracas to BB- from B+.

In addition, Fitch said it has assigned a BB- rating to the proposed issuance of up to $650 million senior unsecured notes due 2018 to be issued by Electricidad de Caracas.

Fitch said it has upgraded the long-term national-scale rating of Electricidad de Caracas to AAA(ven) from AA-(ven) and the short- term national-scale rating to F1+(ven) from F1(ven).

The outlook remains negative.

The agency noted that the upgrade is based upon the implicit support from both PDVSA and the government in the form of investment assistance, access to foreign currency and government assistance with capital expenditure programs.

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