PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
Brasília, D.F., 71.215-000
Federative Republic of Brazil
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
in paper as permitted by Regulation S-T Rule 101(b)(1)__.
in paper as permitted by Regulation S-T Rule 101(b)(7)__.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ______ No ___X___
registrant in connection with Rule 12g3-2(b):
| Investor Relations | |
| (55 61) 3415-1140 | |
| ri@brasiltelecom.com.br | |
| Media Relations | |
| (55 61) 3415-1378 | |
| cesarb@brasiltelecom.com.br |
Free Translation
| BRASIL TELECOM S.A. | BRASIL TELECOM PARTICIPAÇÕES S.A. | |
| Publicly traded Company | Publicly traded Company | |
| Corporate Taxpayer Registration CNPJ/MF: | Corporate Taxpayer Registration CNPJ/MF: | |
| 76.535.764/0001-43 | 02.570.688/0001-70 | |
| Board of Trade 53 3 0000622-9 | Board of Trade 53 3 0000581- 8 |
FITCH UPGRADES BRASIL TELECOM TO “BBB”
Brasil Telecom Participações S.A. (Bovespa: BRTP3 and BRTP4 / NYSE: BRP) and Brasil Telecom S.A. (Bovespa: BRTO3 and BRTO4 / NYSE: BTM), collectively referred to as “Brasil Telecom”, announce that Fitch Ratings (“Fitch”) upgraded Brasil Telecom from “BBB -“ to “BBB” on the international scale local currency IDR.
Furthermore, national scale rating was affirmed at “AA+ (bra)”. Fitch Ratings also affirmed BRL 1.08 billion debenture at “AA+ (bra)” and US$ 200 million political-risk insured (PRI) notes due 2014 were upgraded to “BBB” from “BBB -“ for Brasil Telecom S.A. The outlook of all the ratings is stable.
According to Fitch, “the upgrade reflect an improved financial profile, strong liquidity position, healthy cash flow generation, solid business position in Region II, and a diverse service offering portfolio. The ratings are balanced against high competition, moderate regulatory risk, and the expectation that shareholder issues will not affect the company’s credit quality.”
Brasília, Brazil, October 9th, 2007.
Paulo Narcélio Simões Amaral
Investor Relations Officer
Brasil Telecom Participações S.A.
Brasil Telecom S.A.
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BRASIL TELECOM PARTICIPAÇÕES S.A. |
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By: |
/S/ Paulo Narcélio Simões Amaral
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Name: Paulo Narcélio Simões Amaral
Title: Chief Financial Officer |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.