Moody's may upgrade Escelsa

Moody's America Latina said it placed Espirito Santo Centrais Eletricas SA - Escelsa's R$264 million senior unsecured local-currency debentures due 2011, rated Ba3 global local-currency and A3.br Brazilian national scale, and its Ba3 $14 million foreign-currency senior unsecured notes due July 2007 on review for possible upgrade.

The agency said the review was prompted by the company's overall improved debt protection metrics and liquidity position, including funds from operations to total adjusted debt of 60.3% and cash position plus free cash flow to short-term adjusted debt of over 130% at Dec. 31.

Moody's review will focus on Escelsa's ability to sustain its credit metrics and liquidity position in the near and intermediate term while executing mandatory investments.

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