Fitch assigns Aydem, bond B+

Fitch Ratings said it assigned Aydem Yenilenebilir Enerji AS (Aydem Renewables), an expected first-time long-term issuer default rating of B+ and its planned notes of up to $750 million, an expected senior secured rating of B+ with an RR4 recovery rating in line with the expected long-term IDR.

Aydem Renewables’ ratings mirror its high initial leverage, limited, although growing, size and scale of operations and rising exposure to merchant price and foreign-exchange as feed-in tariffs gradually expire.

“Rating strengths are its good asset quality, low offtake risk, supportive regulation for renewable energy producers in Turkey, high profitability and mitigated FX exposure on debt by naturally hedged revenue,” Fitch said in a press release.

The outlook is stable.

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