Moody’s Raises Copel LC to I-Grade

Moody’s has upgraded Brazil’s Copel to a Baa3 local currency issuer rating from a Ba2 local currency corporate family rating. It also raised Copel’s BRL140m domestic market debentures due 2009 to Baa3 from Ba1 and confirmed the Aa1.br national scale rating. The action concludes a view for possible upgrade initiated on August 11. Moody’s notes steady and strong credit metrics along with the recent upgrade of the level of supportiveness of Brazil’s regulatory environment for regulated electric utilities.