Fitch ups Eletrobras outlook to positive

Fitch Ratings said it revised the outlook on the BBB- local and foreign currency issuer default ratings of Centrais Eletricas Brasileiras and its wholly owned subsidiary, Furnas Centrais Eletricas SA, to positive from stable.

At the same time, the agency said it upgraded Furnas's long-term national-scale rating to AA+(bra) from AA(bra) and also revised its outlook to positive from stable.

Eletrobras' bonds issuance due 2019 was affirmed at BBB-, the agency noted, adding that these rating actions follow the revision of the outlook to positive from stable of Brazil's long-term foreign and local currency issuer default ratings at BBB- on June 27.

The outlook revision of the Brazil's long-term foreign and local currency issuer default ratings reflects the country's better-than-expected resilience and economic performance in the face of the global recession, which together with its relatively prudent economic policies should allow the Brazilian per capita income and fiscal solvency ratios to improve steadily during the forecast period, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.