Meanwhile, the ratings on IVL’s senior unsecured debentures to “AA-” from “A+”.

TRIS Rating also upgrades the rating on the company’s subordinated capital debentures to “A” from “A-”.

The upgrade reflects the company’s strengthened business profile as a result of its strategic shift toward high value added (HVA) products and geographically diversified portfolio from the acquisitions during the last five years.