Fitch affirms Itabo

Fitch Ratings said it affirmed Empresa Generadora de Electricidad Itabo, SA's (Itabo) B- international foreign and local currency issuer default ratings.

The rating action applies to $125 million of notes issued by Itabo Finance SA, the agency said, noting that the recovery rating is at RR4.

Concurrently, Fitch said it has affirmed Itabo's BBB(dom) national scale rating.

The outlook is positive.

According to the agency, Itabo's ratings incorporate the risks of operating electric generation assets in the Dominican Republic, its strong competitive position as the lowest cost thermoelectric generator in the country, as well as its solid financial profile and experienced management team.

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