Fitch says Itabo notes off watch

Fitch Ratings said it affirmed the rating of Empresa Generadora de Electricidad Itabo SA’s senior unsecured notes due 2026 at BB- and removed the negative rating watch. Additionally, Fitch affirmed Itabo’s long-term foreign and local currency issuer default ratings at BB-. The outlook is stable.

“The negative rating watch was placed on the notes due to uncertainty surrounding the repairs to steam turbines at both AES Andres and Dominican Power Partners, as well as the possible length of outage times. Itabo’s 2026 notes were issued attached to the AES Andres/Dominican Power Partners (Andres/DPP) issuance, although there are no cross-guarantees or cross-default clauses between the Itabo and Andres/DPP notes,” said Fitch in a press release.

Following repairs to the steam turbines, which were covered by the companies’ insurance and manufacturer’s warranty net of applicable deductibles for equipment and business interruption, at AES Andres and Dominican Power Partners, the turbines at both plants are fully operational.

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