Moody’s downgrades ICE to Ba2

Moody's Investors Service said it downgraded the senior unsecured rating and the corporate family ratings of Instituto Costarricense de Electricidad (ICE) and the senior secured rating and corporate family ratings of Reventazon Finance Trust to Ba2 from Ba1.

The outlook remains negative.

Moody’s said the downgrade of ICE's ratings was prompted by the Feb. 9 downgrade of Costa Rica's government bond rating to Ba2 from Ba1 with a negative outlook.

The rating action on the Reventazon Finance Trust's ratings follows the downgrade of ICE's rating as the project is very highly dependent on ICE's financial performance given the obligations that ICE has assumed under the contractual arrangements as Sponsor, EPC contractor, lessee and operator.

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