Fitch might lift Eletropaulo

Fitch Ratings said it placed Eletropaulo Metropolitana Eletricidade de Sao Paulo SA's BB local and foreign-currency issuer default ratings and AA(bra) national scale rating on rating watch positive (RWP).

The action follows the 73.4% acceptance of the company's shareholders of the public offer made by Enel Brasil SA for its acquisition.

“Fitch forecasts that Eletropaulo's credit profile should improve once it becomes part of Enel Brasil group, with the RWP being resolved and all ratings upgraded after the approvals from the regulator and creditors,” the agency said in a news release.

“Eletropaulo would be consolidated into Enel Brasil group and become a relevant subsidiary of Enel Americas SA (BBB+/Stable), its indirect controlling company.”

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