S&P upgrades Corpoelec to CC

S&P said it raised its long-term corporate credit rating on Corporacion Electrica Nacional SA (Corpoelec) to CC from SD and the senior unsecured debt rating to CC from D.

S&P also placed the ratings on CreditWatch with negative implications. Additionally, the agency said it is assigning Corpoelec's stand-alone credit profile (SACP) at cc.

The CC credit rating reflects that Corpoelec resumed interest payment on its $650 million 8½% notes due April 10, 2018. The payment was effective after the grace period expired and was originally due on Oct. 10, 2017.

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