Fitch ups Eletropaulo, rates bonds B

Fitch Ratings said it upgraded the international local and foreign currency ratings of Eletropaulo Metropolitana Electricidade de Sao Paulo SA to B from B- and assigned a preliminary rating of B to the proposed five-year bond issuance of up to $200 million.

At the same time, the agency said it upgraded to BB+(bra) from BB(bra) the long-term national scale corporate rating.

The outlook is positive.

The upgrades reflect the company's improving credit protection measures, which should strengthen over the next year supported by projected growth in operating income and cash flow and the expected reduction in annual debt service, Fitch said.

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