Costa Rica’s state-owned electric utility company Instituto Costarricense de Electricidad (ICE) plans to raise as much as $300 million under a new bond program in the local market, according to Fitch Ratings.
The company plans to use the proceeds from the sale of notes in US dollars or Costa Rican colones to refinance debt and fund investments in its electric utility and telecommunications businesses, the agency said Friday in a report.
Fitch assigned the bond program a AA+ rating on its local scale.
The ratings agency bumped ICE’s international grade to BB- in March 2023 after a two-step upgrade of the sovereign.