Grupo ICE has received the highest national risk rating, AAA cri with a stable outlook, from Pacific Credit Rating (PCR) as of July 28. This rating also applies to its A, F, G, and H standardized bond issuance programs, which are aimed at financing infrastructure projects and restructuring liabilities.
The new rating surpasses the previous +AA cr grade issued by Fitch Ratings in February. According to PCR’s standards, the AAA cri rating is reserved for issuances of the highest credit quality with almost nonexistent risk factors.
PCR based its decision on Grupo ICE’s positive consolidated financial results and strong liquidity, supported by adequate working capital and diversified funding sources. The agency also took into account Grupo ICE’s solvency and debt levels, which are underpinned by a robust equity base and an effective profit capitalization policy. Additionally, PCR highlighted the company’s ability to meet its obligations due to a favorable EBITDA margin.
The report emphasized Grupo ICE’s strategic role in electricity and telecommunications sectors. It noted that operational sustainability is enhanced by sovereign support from the State. The solidity of Grupo ICE’s organizational structure and corporate governance was also recognized, along with its expert workforce capable of planning and executing strategies while meeting objectives.
“PCR emitió el nivel más alto tomando en cuenta los resultados positivos de los Estados Financieros Consolidados y sólida liquidez, a partir de un capital de trabajo adecuado y fuentes de financiamiento diversificadas. También consideró los niveles de solvencia y endeudamiento –sustentados en un patrimonio robusto y una política efectiva de capitalización de utilidades–, junto con la capacidad de pago, respaldada por un margen EBITDA favorable.”
“La calificadora destacó, además, el rol estratégico de la Corporación en los sectores de electricidad y telecomunicaciones, así como la sostenibilidad operativa que le brinda el respaldo soberano del Estado. Recalcó la solidez de su estructura organizacional y de gobierno corporativo, sumado a su recurso humano experto, que permite planear y ejecutar estrategias, además de cumplir con sus objetivos.”
