Fitch Upgrades Brazilian Corporates.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has upgraded the foreign currency Issuer Default Ratings (IDRs), issue ratings and national scale long-term ratings of many Brazilian corporates. These rating actions follow Fitch's upgrade yesterday of the long-term foreign and local currency IDRs of the Federative fed·er·a·tive adj. Forming, belonging to, or of the nature of a federation. fed  er·a Republic of Brazil to 'BB', Rating Outlook Stable from 'BB-', Rating Outlook Positive. 'Our foreign currency corporate upgrades reflect Brazil's improving external balance sheet, which translates to lower risk for the Brazilian corporates', said Daniel R. Kastholm, head of Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Corporate Ratings at Fitch. 'Lower transfer and convertibility risk and a more robust sovereign and economic environment bode well for corporate fundamentals. Exporters in particular have benefited from a favorable global environment and maintained strong performance despite the strengthening of the Brazilian Real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. .' 'Brazilian corporates have taken advantage of strong global liquidity to extend maturities, lower financing costs and increase equity capital which collectively have strengthened many corporate balance sheets,' said Rafael Guedes, Managing Director of Fitch Brasil. 'Lower nominal and real interest rates in Brazil, further underpin economic recovery in Brazil, which should benefit many of the private sector corporates. Improvement in regulated industries and high commodity prices have also helped bolster corporate credit fundamentals. These factors, among others are reflected in our national scale long-term rating upgrades.' Fitch's upgrade of the Federative Republic of Brazil's ratings are a result of the country's on-going improvement in public and private external finances and a macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. policy framework that has proved robust in the face of political and financial market pressures. The rating upgrades also reflect Brazil's enhanced external balance sheet and the fact that the country has weathered the latest storm affecting the capital markets in emerging countries. Fitch believes that Brazil's next administration will continue to maintain prudent fiscal and monetary policies but that it is unlikely to implement deep structural reforms. Many Brazilian corporate ratings continue to be linked to the 'BB' foreign currency IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. of the sovereign. The corporates in Brazil whose foreign currency IDRs, issue ratings and national scale long-term ratings are affected by the upgrade of Brazil's foreign and local currency IDRs are listed below. Alcoa Aluminio S.A. --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Aracruz Celulose S.A. --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Baesa - Energetica Barra Grande S.A. --1st Debenture Issuance (BRL BRL In currencies, this is the abbreviation for the Brazilian Real. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 180 million) due 2016: To 'A+(bra)', from 'A(bra)' Braskem International Ltd --Senior Unsecured Notes (US$150 million) due 2015: To 'BB+', from 'BB' Braskem S.A. --Foreign Currency IDR: To 'BB+' Rating Outlook Stable, from 'BB' Rating Outlook Positive --Sr. Unsecured notes (US$525 million) due 2008, 2014: To 'BB+', from 'BB' --Perpetual Bonds (US$350 million): To 'BB+', from 'BB' --National Long-term Rating: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable --12th and 13th Debenture Issuances (BRL600 million) due 2009 and 2010: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable' Cia. Telecomunicacoes do Brasil Central S.A. (CTBC CTBC Computer Take Back Campaign CTBC Cape Town Bridge Club (South Africa) Telecom) --National Long-term Rating: To 'A(bra)' Rating Outlook Stable, from 'A-(bra)' Rating Outlook Positive Companhia de Bebidas das Americas (AmBev) --Foreign Currency IDR: To 'BBB' Rating Outlook Stable, from 'BBB-' Rating Outlook Positive Companhia de Concessoes Rodoviarias (CCR 1. CCR - condition code register. 2. CCR - (Database) concurrency control and recovery. ) --National Long-term Rating: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Stable --2nd Debenture Issuance (BRL150 million) due 2011: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Stable Companhia Energetica de Minas Gerais (CEMIG CEMIG Companhia Energética de Minas Gerais (Brazil) ) --National Long-term Rating: To 'A+(bra)' Rating Outlook Stable, from 'A-(bra)' Rating Outlook Stable --3rd Debenture Issuance (BRL400 million) due 2014: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Stable Companhia Siderurgica Nacional (CSN CSN Crosby, Stills, and Nash (band) CSN Centrala studiestödsnämnden (Swedish: state education grant and loan program) CSN Confédération des Syndicats Nationaux (French) ) --Foreign Currency IDR: To 'BB+' Rating Outlook Stable, from 'BB' Rating Outlook Positive --National Long-term Rating: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable --2nd, 3rd and 4th Debenture Issuances (BRL1.5 billion) due 2006, 2008 and 2012: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable Companhia Siderurgica de Tubarao (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive --National Long-term Rating: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable CST Overseas --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Companhia Paranaense de Energia (COPEL COPEL Companhia Paranaense de Eletricidade ) --2nd and 3rd Debenture Issuances due 2007 and 2009: To 'AA-(bra)' Rating Outlook Stable, from 'A+(bra)' Rating Outlook Stable Companhia Paulista de Forca e Luz (CPFL CPFL Companhia Paulista de Força e Luz (Brazil) CPFL Contingency Planning Facilities List Paulista) --2nd Debenture Issuance (BRL250 million) due 2009: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Positive. Companhia Vale do Rio Doce Summary Companhia Vale do Rio Doce (CVRD) is a global diversified mining company, the second largest mining company in the world, and the largest logistics operator in Brazil. (CVRD CVRD Companhia Vale do Rio Doce (Brazilian mining company) CVRD Cowichan Valley Regional District (Vacouver Island, British Columbia, Canada) CVRD Converter, Variable Resistance, to DC Voltage ) --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Concessionaria de Rodovia Presidente Dutra The Rodovia Presidente Dutra is a federal highway which runs through the eastern part of the state of São Paulo and southwestern region of the state Rio de Janeiro. It is the part of BR-116 connecting the city of São Paulo to the city of Rio de Janeiro. S.A. (NOVA DUTRA) --1st Debenture Issuance (BRL180 million) due 2010: To 'AA-(bra)', from 'A+(bra)' CPFL Energia S.A. --National Long-term Rating: To 'A+(bra)' Rating Outlook Stable, from 'A-(bra)' Rating Outlook Positive Duratex S.A. --National Long-term Rating: To 'AA-(bra)' Rating Outlook Stable, from 'A+(bra)' Rating Outlook Stable --1st Debenture Issuance (BRL200 million) due 2007: To 'AA-(bra)' Rating Outlook Stable, from 'A+(bra)' Rating Outlook Stable Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. --National Long-term Rating: To 'BBB+(bra)' Rating Outlook Stable, from 'BBB(bra)' Rating Outlook Stable --8th and 9th Debenture Issuances (BRL1.05 billion) due 2010 and 2013: To 'BBB+(bra)' Rating Outlook Stable, from 'BBB(bra)' Rating Outlook Stable --Bank Credit Notes (BRL300 million) due 2013: To 'BBB+(bra)' Rating Outlook Stable, from 'BBB(bra)' Rating Outlook Stable Gerdau Acominas S.A. --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive --National Long-term Rating: 'AA+(bra)' Rating Outlook Stable, from 'AA(bra)' Rating Outlook Stable GOL GOL - General Operating Language. Subsystem of DOCUS. [Sammet 1969, p.678]. Linhas Aereas Inteligentes S.A. --Foreign Currency IDR: To 'BB' Rating Outlook Stable, from 'BB-' Rating Outlook Positive Ita Energetica S.A. (ITASA ITASA Italian Subs Addicted ITASA Intercollegiate Taiwanese American Students Association ) --1st Debenture Issuance (BRL168 million) due 2013: To 'AA-(bra)', from 'A+(bra)' MRS MRS - Modifiable Representation System. An integration of logic programming into Lisp. ["A Modifiable Representation System", M. Genesereth et al, HPP 80-22, CS Dept Stanford U 1980]. Logistica S.A. (MRS) --Foreign Currency IDR: To 'BB' Rating Outlook Stable, from 'BB-' Rating Outlook Positive Petroleo Brasileiro S.A. (Petrobras) --Foreign Currency IDR: To 'BB+' Rating Outlook Stable, from 'BB' Rating Outlook Positive Ripasa S.A. Celulose e Papel --Foreign Currency IDR: To 'BB' Rating Outlook Stable, from 'BB-' Rating Outlook Positive --National Long-term Rating: To 'AA-(bra)' Rating Outlook Stable, from 'A+(bra)' Rating Outlook Stable Samarco Mineracao S.A. --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Suzano Bahia Sul Papel e Celulose --3rd Debenture Issuance (BRL500 million) due 2014: To 'AA-(bra)' Rating Outlook Stable, from 'A+(bra)' Rating Outlook Stable Telemar Norte Leste S.A. --Foreign Currency IDR: To 'BB' Rating Outlook Stable, from 'BB-' Rating Outlook Positive Tele Norte Leste Participacoes S.A. --Foreign Currency IDR: To 'BB' Rating Outlook Stable, from 'BB-' Rating Outlook Positive Tractebel Energia S.A. --National Long-term Rating: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable --1st Debenture Issuance (BRL200 million) due 2011: To 'AA(bra)' Rating Outlook Stable, from 'AA-(bra)' Rating Outlook Stable Uniao de Industrias Petroquimicas S.A. (UNIPAR) --National Long-term Rating: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Stable --1st Debenture Issuance (BRL180 million) due 2011: To 'A+(bra)' Rating Outlook Stable, from 'A(bra)' Rating Outlook Stable Votorantim Participacoes S.A. (VPAR) --Foreign Currency IDR: To 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Positive Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. 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