S&P rates FSL Issuer bond AA

S&P said it assigned an AA insured rating and BBB underlying rating to FSL Issuer SAU’s €304.6 million of senior secured, fully amortizing, fixed-rate notes, due Dec. 31, 2041. Assured Guaranty (Europe) SA will guarantee the notes. The underlying rating on the debt service reserve reflects the financial guarantee provider, Banco de Sabadell SA.

FSL lent the proceeds to nine project companies that operate nine solar power plants to refinance their debt. FSL will service the notes with funds received from the companies to repay the loans.

The power plants have a nominal capacity of 65 megawatts (MW) and will benefit from the Spanish regulatory framework for renewable projects for an added 17 to 21 years, S&P said.

The outlook is stable.

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