Fitch upgrades Investment Energy

Fitch Ratings said it upgraded Investment Energy Resources Ltd.'s senior secured green bonds to BB from BB- from BB. The agency also raised IERL’s foreign- and local-currency long-term issuer default ratings to BB from BB-.

“The upgrade reflects an improvement in the sovereign ratings underpinning the company's off-taker base - Guatemala was upgraded to BB/outlook stable from BB-/outlook positive in February 2023 and Costa Rica was upgraded to BB-/outlook stable from B/outlook stable in March 2023. These upgrades supported subsequent upgrades of two of IERL's largest off-takers, Energuate (BB/stable) and Instituto Costarricense de Electricidad (ICE; BB-/stable), both of which are closely linked to the sovereign,” the agency said in a press release.

The outlook is stable.

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