Moody's lowers ICE, Reventazon

Moody's Investors Service said it downgraded the ratings of Costa Rican issuers Instituto Costarricense de Electricidad (ICE) and Reventazón Finance Trust ratings to B1 from Ba2 and changed the outlook to negative.

The action concludes the review that began in October.

The downgrades follow the downgrade of the government of Costa Rica's ratings to B1 and outlook revision to negative.

The creditworthiness of these entities cannot be completely de-linked from the current operating environment and regulatory regimes in Costa Rica, Moody's said.

The Costa Rican government does not guarantee ICE's debt obligations, but the agency said it believes there is a high likelihood of extraordinary support from the government in case of nee.

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