S&P lifts Amazonia Celular

Standard & Poor's said it raised the foreign-currency corporate credit rating on Amazonia Celular SA to BB+ from B+ and removed it from CreditWatch positive where it was placed on Aug. 9, 2007.

The outlook is stable.

S&P said the upgrade follows Telemar Norte Leste SA's (BB+/stable) announcement that it concluded the acquisition of Amazôoia.

The rating on five-year notes co-issued with Telemig Celular SA was upgraded to BB from B+.

S&P said it expects Amazônia to benefit not only from Telemar's business profile, as the company will be part of one of the largest integrated telecom companies in the country but also from the stronger financial profile of its controlling shareholder.

The issuer's total debt-to-EBITDA ratio is about 1.5 times as of December.

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