Fitch upgrades Eletropaulo

Fitch Ratings said it upgraded Eletropaulo Metropolitana Eletricidade de Sao Paulo's long-term local and foreign currency issuer default ratings to BBB- and BB+, respectively, from BB.

The agency also upgraded the national scale rating to AAA(bra) from AA(bra).

Fitch also removed the ratings form positive watch and assigned a stable outlook.

The agency said the upgrades follow the conclusion of Enel Brasil SA's acquisition of 93.3% of Eletropaulo's total capital.

Fitch said it believes that Eletropaulo's credit profile has improved after consolidation into the Enel Brasil group, and has become a relevant subsidiary of its indirectly controlling shareholder, Enel Americas SA.

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