Fitch lifts Enel Fortuna

Fitch Ratings said it upgraded Enel Fortuna's foreign and local currency issuer default ratings to BBB from BBB- and removed the ratings from rating watch negative.

The rating action applies to about $87 million of notes outstanding due in 2013, the agency said.

The outlook is stable.

According to Fitch, the rating action reflects subsiding regulatory risks after the government of Panama retracted its intention to implement hefty water-usage taxes for hydroelectric generation companies.

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