Fitch ups Brazilian corporates

Fitch Ratings said it has upgraded the foreign currency issuer default ratings (IDRs), issue ratings and national scale long-term ratings of many Brazilian corporates.

These rating actions follow Fitch's upgrade Wednesday of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB with a stable outlook from BB- with a positive outlook.

Many Brazilian corporate ratings continue to be linked to the BB foreign currency IDR of the sovereign.

The corporates in Brazil whose foreign currency IDRs, issue ratings and national scale long-term ratings are affected by the upgrade of Brazil's foreign and local currency IDRs include Alcoa Aluminio's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive; Aracruz Celulose SA's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive; Baesa - Energetica Barra Grande SA's 1st debenture issuance (R$180 million) due 2016 to A+(bra) from A(bra); Braskem International Ltd.'s senior unsecured notes ($150 million) due 2015 to BB+ from BB; Braskem SA's foreign currency IDR to BB+, outlook stable, from BB, outlook positive, senior unsecured notes ($525 million) due 2008 and 2014 to BB+ from BB, perpetual bonds ($350 million) to BB+ from BB, national long-term rating to AA(bra), outlook stable, from AA-(bra), outlook stable and 12th and 13th debenture issuances (R$600 million) due 2009 and 2010 to AA(bra), outlook stable, from AA-(bra), outlook stable.

Also affected are: Cia. Telecomunicacoes do Brasil Central SA's national long-term rating to A(bra), outlook stable, from A-(bra), outlook positive; Companhia de Bebidas das Americas' foreign currency IDR to BBB, outlook stable, from BBB-, outlook positive; Companhia de Concessoes Rodoviarias' national long-term rating to A+(bra), outlook stable, from A(bra), outlook stable and 2nd debenture issuance (R$150 million) due 2011 to A+(bra), outlook stable, from A(bra), outlook stable; Companhia Energetica de Minas Gerais' national long-term rating to A+(bra), outlook stable, from A-(bra), outlook stable and 3rd debenture issuance (R$400 million) due 2014 to A+(bra), outlook stable, from A(bra), outlook stable;

Also affected are: Companhia Siderurgica Nacional's foreign currency IDR to BB+, outlook stable, from BB, outlook positive, national long-term rating to AA(bra), outlook stable, from AA-(bra), outlook stable and 2nd, 3rd and 4th debenture issuances (R$1.5 billion) due 2006, 2008 and 2012 to AA(bra), outlook stable, from AA-(bra), outlook stable; Companhia Siderurgica de Tubarao's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive and national long-term rating to AA(bra), outlook stable, from AA-(bra), outlook stable; CST Overseas' foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive; Companhia Paranaense de Energia's 2nd and 3rd debenture issuances due 2007 and 2009 to AA-(bra), outlook stable, from A+(bra), outlook stable; Companhia Paulista de Forca e Luz' 2nd debenture issuance (R$250 million) due 2009 to A+(bra), outlook stable, from A(bra), outlook positive; Companhia Vale do Rio Doce's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive; Concessionaria de Rodovia Presidente Dutra SA's 1st debenture issuance (R$180 million) due 2010 to AA-(bra), from A+(bra); CPFL Energia SA's national long-term rating to A+(bra), outlook stable, from A-(bra), outlook positive; Duratex SA's national long-term rating to AA-(bra), outlook stable, from A+(bra), outlook stable, 1st debenture issuance (R$200 million) due 2007 to AA-(bra), outlook stable, from A+(bra), outlook stable; Eletropaulo Metropolitana Eletricidade de Sao Paulo SA's national long-term rating to BBB+(bra), outlook stable, from BBB(bra), outlook stable, 8th and 9th debenture issuances (R$1.05 billion) due 2010 and 2013 to BBB+(bra), outlook stable, from BBB(bra), outlook stable and bank credit notes (R$300 million) due 2013 to BBB+(bra), outlook stable, from BBB(bra), outlook stable.

Further, also affected are: Gerdau Acominas SA's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive and national long-term rating AA+(bra), outlook stable, from AA(bra), outlook stable; GOL Linhas Aereas Inteligentes SA's foreign currency IDR to BB, outlook stable, from BB-, outlook positive; Ita Energetica SA's 1st debenture issuance (R$168 million) due 2013 to AA-(bra) from A+(bra); MRS Logistica SA's foreign currency IDR to BB, outlook stable, from BB-, outlook positive; Petroleo Brasileiro SA's foreign currency IDR to BB+, outlook stable, from BB, outlook positive; and Ripasa SA Celulose e Papel's foreign currency IDR to BB, outlook stable, from BB-, outlook positive and national long-term rating to AA-(bra), outlook stable, from A+(bra), outlook stable.

Finally, also affected are: Samarco Mineracao SA's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive; Suzano Bahia Sul Papel e Celulose's 3rd debenture issuance (R$500 million) due 2014 to AA-(bra), outlook stable, from A+(bra), outlook stable; Telemar Norte Leste SA's foreign currency IDR to BB, outlook stable, from BB-, outlook positive; Tele Norte Leste Participacoes SA's foreign currency IDR to BB, outlook stable, from BB-, outlook positive; Tractebel Energia SA's national long-term rating to AA(bra), outlook stable, from AA-(bra), outlook stable, 1st debenture issuance (R$200 million) due 2011 to AA(bra) outlook stable, from AA-(bra) outlook stable; Uniao de Industrias Petroquimicas SA's national long-term rating to A+(bra), outlook stable, from A(bra), outlook stable, 1st debenture issuance (R$180 million) due 2011 to A+(bra), outlook stable, from A(bra), outlook stable; and Votorantim Participacoes SA's foreign currency IDR to BBB-, outlook stable, from BB+, outlook positive.

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