Fitch revises Etesa outlook to negative

Fitch Rating said it revised its outlook for Empresa de Transmision Electrica, SA (Etesa) to negative from stable and affirmed its BBB- ratings.

“The ratings reflect Etesa's strong linkage with Panama's sovereign rating (BBB-/negative), due to the government's 100% ownership in the company and history of financial support. Etesa's socio-political implication of default is moderate, given the low likelihood of service interruptions that could arise from financial distress at the company. Etesa's financial implication of default for Panama's government is strong due to the company's strategic importance to the country,” the agency said in a statement.

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