Fitch cuts Canal de Isabel II

Fitch Ratings said it downgraded Canal de Isabel II, SA’s long-term issuer default rating and senior unsecured rating to BBB from BBB+.

The downgrade mirrors a similar action on Canal’s ultimate parent the Autonomous Community of Madrid to BBB- from BBB on June 19, reflecting the rating constraint at a notch above the parent’s, the agency said.

The outlook is stable.

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