Fitch changes Itabo view

Fitch Ratings said it affirmed the rating of Empresa Generadora de Electricidad Itabo, SA's (Itabo) senior unsecured notes due 2026 at BB- and affirmed the long-term foreign- and local-currency issuer default ratings of Itabo at BB-.

The outlook was revised to negative from stable due to the change in the sovereign rating outlook to negative from stable.

“The sovereign's negative outlook reflects impact from the coronavirus pandemic, which has caused a sharp fall in economic activity and pressured the Dominican Republic's balance of payments given its reliance on tourism and remittances,” the agency said in a news release.

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