S&P Global and Moody’s ratify credit ratings for Cesce and Grupo ICE

S&P Global has reaffirmed an ‘A’ rating for the Spanish credit insurer Cesce, citing the company’s robust solvency and consistent positive business results. The rating reflects Cesce’s stable financial position and its capacity to manage commercial risks for Spanish exporters and international partners.

In Costa Rica, Moody’s Ratings and Fitch Ratings have also ratified the financial strength of Grupo ICE. Moody’s confirmed a Ba1 rating with a stable outlook for the corporation and the Reventazón Hydroelectric Plant Trust. Fitch Ratings revalidated an international rating of BB, upgrading its outlook to positive.

Moody’s highlighted Grupo ICE’s dominant position in the electricity sector and its revenue diversification, noting that telecommunications accounted for 39% of its income base in the first quarter of 2026. Fitch emphasized the group’s solid liquidity and asset diversification, noting that while capital investment programs may increase leverage, these effects should be mitigated by debt amortization and EBITDA growth.