Moody's upgrades Celesc

Moody's upgrades Celesc

Debt Capital Markets Bonds Energy Electricity Brazil

Moody's said it has upgraded the Santa Catarina state power company Celesc to Ba2 from Ba3 with a stable outlook, saying the firm has made progress in securing long-term financing at lower costs. The rating agency also upped Celesc's local ratings to Aa3.br from A1.br and added that it expects the company to keep growing its businesses above the national average. It also said Celesc will likely benefit from the relatively recent arrival of EDP Energias do Brasil to the board of directors. EDP ag

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