Moody's upgrades Cemig ratings

The Moody's America Latina unit of credit ratings agency Moody's has upgraded its national scale ratings of Brazilian power utility Cemig (NYSE: CIG) to Baa2.br, affirmed its global local currency scale ratings at B1 and changed the rating outlook to stable from negative, Moody's said in a statement. The upgrade and revised outlook reflect what Moody's called a "notable improvement" in Cemig's financial performance since end-2002. Moody's expects the improvement to continue to strengthen following the 19.13% average tariff increase approved in April 2004. Moody's also assigned a Baa2.br national scale rating and a B1 global local currency scale rating to Cemig's new 400mn-real senior unsecured debenture issue due 2014. To read Moody's full report on Cemig, paste the following link in your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=49824&Tx_idioma=I