Fitch upgrades AES Tiete certificates

Credit ratings agency Fitch has upgraded the rating on US$300mn of 11.5% trust certificates issued by AES IHB Cayman to B- from DDD following their restructuring, Fitch said in a statement. The outlook is stable. The certificates are guaranteed by AES Tiete Holding, a holding company of AES Tiete, which is a Brazilian generation subsidiary of US power company AES. Fitch has also maintained the national scale rating of Tiete at BBB+(bra), the agency said. Tiete's primary offtaker, Brazil's federal power holding company Eletrobras, which is estimated to supply approximately 70% of Tiete's 2004 revenues, remains in default on its debt but is expected to close on the restructuring by February 16, resulting in an expected ratings upgrade. To read Fitch's full report on AES Tiete, paste the following link in your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=44444&Tx_idioma=I