Fitch affirms Grupo ICE

Fitch Ratings said it has affirmed Instituto Costarricense de Electricidad y Subsidiarias' (Grupo ICE) ratings as follows:

• Foreign and local currency issuer default ratings at BB+;

• National-scale long-term rating (Costa Rica) at AAA(cri); and

• National-scale long-term rating (El Salvador) at AAA(slv).

The outlook is stable

In addition, Fitch said it has affirmed the following debt obligations of ICE: $250 million of senior unsecured notes due 2021 at BB+; long-term bonds issued in Costa Rica at AAA(cri); commercial paper program in Costa Rica at F1+(cri); and long-term bonds issued in El Salvador at AAA(slv).

The agency noted that Group ICE's ratings are supported by the company's linkage to the sovereign of Costa Rica (foreign and local currency issuer default rating BB+), which has an ownership stake in the company.

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