Fitch upgrades Itabo

Fitch Ratings said it upgraded Empresa Generadora de Electricidad Itabo's (Itabo) foreign-currency and local-currency issuer default ratings to B from B-.

The outlook has been revised to positive from stable.

These actions follow the outlook revision of the Dominican Republic's sovereign ratings, Fitch said, as well as the positive impact of recent policy changes.

Over the past year, the Dominican Republic government has implemented changes aimed at strengthening the operational and financial viability of the electricity sector in the country, the agency said.

The ratings reflect the recent positive operational and financial results stemming from sector policy implementation, which signals the beginning of gradual recovery to self-sustainability, Fitch said.

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