Fitch upgrades Energia notes

Fitch Ratings said it upgraded Energia Group Ltd.'s senior secured notes ratings to BB+ with an RR2 recovery rating from BB/RR3. The agency affirmed Energia Group's super senior secured ratings at BB+/RR1. Fitch removed the debt ratings from under criteria observation.

“The upgrade of the senior secured instruments and the affirmation of the super senior debt reflect Fitch's application of the agency's updated corporates recovery ratings and instrument ratings criteria to Energia Group's debt ratings. The ratings were placed on UCO following the publication of the updated criteria on April 9, 2021,” the agency said in a press release.

Energia Group's BB- long-term issuer default rating is unaffected, the agency said.

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