Moody's rates ICE notes Baa3

Moody's Investors Service said it affirmed the Baa3 foreign currency senior unsecured rating of Costa Rica's Instituto Costarricense de Electricidad (ICE) and assigned a provisional Baa3 rating to its new proposed 30-year $500 million senior unsecured note offering due in 2043.

The outlook is stable.

ICE plans to use $386 million of the proceeds from this additional offering to refinance maturing debt and to fund its capital expenditure (capex) program.

"ICE's Baa3 rating largely reflects its ownership structure and linkages with the Government of Costa Rica," Moody's assistant vice president Natividad Martel said in a news release. Given that it is fully owned by the Costa Rican government (Baa3, stable), it falls under the scope of Moody's rating methodology for government-related issuers.

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