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Fitch lowers Reventazon notes to BB+
Fitch Ratings said it downgraded Reventazon Finance Trust's $135 million fixed-rate notes to BB+ from BBB-.
The outlook also was revised to stable from negative.
The downgrade follows similar downgrades of Costa Rica's sovereign rating to BB from BB+ and Instituto Costarricense de Electricidad (ICE) to BB from BB+, Fitch said.
The fixed-rate notes benefit from a debt service reserve account equivalent to the next principal and interest payment due amount, Fitch said.
This liquidity provides certainty in case the transaction is exposed to temporary liquidity shock, the agency explained.
Any further downgrade of ICE specifically tied to the sovereign rating may trigger the further downgrade of the rating on the fixed-rate notes, Fitch said.
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