Fitch upgrades Energia

Fitch Ratings said it upgraded Energia Group Ltd.'s long-term issuer default rating to BB- from B+. Fitch also upgraded Energia's senior secured notes rating to BB/RR3 from BB-/RR3 and affirmed the super senior secured rating at BB+/RR1.

“The upgrade mainly reflects the improvement of Energia's business risk profile, demonstrated by the solid current trading notwithstanding the pandemic and the assumption of a balanced capital structure considering its investment plans,” Fitch said in a press release.

The agency noted Energia's healthy performance for the first half of fiscal year 2021 with restricted group EBITDA increasing by 25%.

The outlook is stable.

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