S&P boosts Guatemala Electricity Trust notes

Standard & Poor's said it raised its rating on Guatemala Electricity Trust's $100 million fixed-rate notes to BB from BB-.

The rating action follows the July 19 upgrade of the underlying obligor, Empresa Electrica de Guatemala SA, to BB from BB-, the agency noted.

The rating on the notes is based on the foreign currency rating of Empresa Electrica as the underlying obligor, S&P added, saying that the rating on the notes also reflects a well-defined structure and the enforceability given by the participation agreement in which Citibank NA assigns 100% participation of all credit and collection rights under the loan agreement.

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