Fitch upgrades EDC risk ratings

Bnamericas Published: Thursday, January 22, 2004
The Venezuelan office of credit ratings agency Fitch Ratings has upgraded its risk ratings on commercial papers totaling 150bn bolivares or its equivalent in dollars issued by local utility Electricidad de Caracas (EDC), Fitch Venezuela said in statement. The agency upgraded the rating to A2 from A3 for the series issued in bolivars, and to C1 from C3 for the series issued in dollars. The upgrades reflect the company's stable and satisfactory sales levels, wide operating margin, adequate liquidity and coverage levels, and its history of successful operations, the statement said. However, the government's decision to fix sector rates and the resulting vulnerability of EDC's profits restrict the company's ratings, the statement added. To read Fitch Venezuela's full report on EDC in Spanish, paste the following link in your browser:

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