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S&P ups Electricidad de Caracas
Standard & Poor's raised its foreign currency corporate credit rating on C.A. La Electricidad de Caracas to B- from CCC+. The outlook is now stable.
S&P said the rating action reflects the ability of EDC to operate in Venezuela, which faces foreign currency controls and macroeconomic volatility. The ratings on EDC have been so far strongly constrained by the country's foreign currency control exercised by Comisión de Administración de Divisas and the uncertainties about the risks the administration could bring on EDC's foreign currency repayment capacity.
In 2003, funds from operations (FFO) to interest coverage was 2.94x, up from 1.93x in 2002.
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