Moody's upgrades Cemig

Moody's upgrades Cemig

Capital Markets Corporate & Sovereign Strategy Brazil

Moody's said it has upgraded Cemig to B1 from B2 because of a general improvement in the power company's liquidity profile. The Minas Gerais state-owned company has completed indemnification payments, conducted asset sales and refinanced short-term debt, Moody's said in a report on Friday. Cemig also has enough cash to cover debt payments for 12 months, Moody's added.  With the proceeds of a $500m bond issue in July and BRL649m from the sale of telecom assets in August, Cemig will likely reach a

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