Fitch trims Etesa

Fitch Ratings said it downgraded Empresa de Transmision Electrica, SA’s long-term foreign- and local-currency issuer default ratings to BBB- from BBB and maintained the negative outlook.

Fitch also lowered the international long-term senior unsecured rating to BBB- from BBB. The national long-term rating has been affirmed at AAA(pan)/outlook stable, and the agency affirmed the national long-term senior unsecured rating at AAA(pan).

“Etesa’s ratings reflect the company’s strong linkage with Panama’s sovereign rating due to the government’s 100% ownership in the company and history of financial support. Fitch downgraded Panama’s sovereign rating to BBB- from BBB on Feb. 3, 2021, due to a severe weakening of public finances,” the agency said in a press release.

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