S&P downgrades Aqualectra

S&P said it downgraded Integrated Utility Holding NV (Aqualectra) to BBB+ from A-.

The outlook is stable.

The company's BB- stand-alone credit profile is unchanged.

The downgrade follows a similar downgrade on Curacao.

Aqualectra is a domestic government-related entity, the agency noted.

The downgrade of Curacao reflects a worsening in its fiscal accounts due to subdued activity at the Isla refinery, S&P said, and increased uncertainty regarding its future given the government's unsuccessful attempts to secure a new partner.

Aqualectra plays a critical role in the country by providing a key service. It is the sole provider of electricity and water services in Curacao, the agency said.

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