Fitch to rate ICE bonds BB+

Fitch Ratings said it assigned BB+ foreign- and local-currency issuer default ratings to Instituto Costarricense de Electricidad y Subsidiarias. The agency expects to assign a BB+ to the company's proposed senior bond issuance.

The outlook is stable.

The agency said ICE's ratings are supported by the company's linkage to the Sovereign of Costa Rica that stems from its government ownership, the government's implicit and explicit support, the company's diversified portfolio of assets and its adequate financial profile.

Also factored into ICE's ratings is the company's aggressive capital expenditure program and its high exposure to regulatory and political interference, Fitch said.

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