This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Instituto Costarricense de Electricidad (ICE) and its senior unsecured debt were upgraded by a notch to BB from BB- by Fitch. The rating action follows Costa Rica’s sovereign upgrade by Fitch last week. According to Fitch, ICE ratings are strongly linked to Costa Rica’s sovereign rating upgrade late last month (to BB from BB-). This is due to government ownership in the company and the company’s strategic importance to the government as a result of ICE being an incumbent integrated player in the electricity industry. In terms of credit metrics, the company’s liquidity remains adequate and its asset portfolio continues to be diversified with moderate capex requirements.
ICE’s bonds traded stable with its 6.75% 2031s at 100.4 cents on the dollar, yielding 6.69%.