Fitch ups Energisa to BB+

Fitch Ratings said it upgraded Energisa SA's local currency issuer default ratings to BB+ from BB and long-term national scale rating to AA+(bra) from AA(bra).

At the same time, the agency affirmed the foreign currency issuer default ratings at BB. It also affirmed Energisa's subsidiaries’ local and foreign currency issuer default ratings at BB+ and their long-term national scale ratings at AA+(bra).

The outlook is stable.

Fitch said the upgrade reflects its expectation that Energisa’s leverage on a standalone basis will improve due to a more robust flow of dividends coming from its operating subsidiaries.

In addition, the agency considers that the guarantees provided by the holding company to part of its subsidiaries' debt and the cross-default clauses equalize the ratings.

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