Moody's on Oct. 18 upgraded CCR SA's national scale corporate family rating to Aa1.br from Aa2.br and changed the outlook on all ratings to stable from negative on expectations that the Brazilian infrastructure concession company's credit profile will remain strong.

CCR maintained adequate and timely market access for debt refinancing purposes and continues to participate in new concession auctions, lengthening its average portfolio life and diversifying its exposures, the rating agency said. The company recorded consolidated cash availability of approximately 3.1 billion reais as of June, compared to Moody's projected 2.4 billion reais in debt maturing in the short term.

The rating agency expects CCR to continue to successfully secure funding for its refinancing and investment requirements given the company's "additional financial flexibility" through dividend retention and collateral pledge if needed.

Moody's said a deterioration in Brazil's credit quality could have downward pressure on CCR's ratings, while a sustained improvement in the company's credit metrics or liquidity profile could contribute to upward pressure.

As of Oct. 18, US$1 was equivalent to 4.13 Brazilian reais.