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Fitch ups Eletrobras
Fitch Ratings said it upgraded Centrais Eletricas Brasileiras SA (Eletrobras) and its wholly owned subsidiary Furnas Centrais Eletricas SA's foreign-currency and local-currency issuer default ratings to BBB from BBB-.
Fitch also upgraded Eletrobras' $1 billion of 6 7/8% notes due July 30, 2019 to BBB from BBB- and Furnas' national-long term rating to AAA(bra) from AA+(bra). Fitch assigned Eletrobras an AAA(bra) national long-term rating.
The outlook is stable.
These rating actions follow the recent upgrade of Brazil's long-term foreign- and local-currency issuer default ratings to BBB from BBB-on April 4.
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