Fitch gives SAEL notes BB

Fitch Ratings said it assigned SAEL RG1's proposed dollar-denominated senior secured notes due 2029 an expected rating of BB.

“The expected rating reflects the credit strengths and weaknesses of a restructured SAEL Ltd. and five of its operating subsidiaries, which contain 13 solar and biomass assets with a total capacity of 281MW as well as a warehousing business. SAEL's commodities business, module assembly plant and other solar and biomass projects will be removed from SAEL Ltd. and injected into other unrestricted subsidiaries. All the unrestricted businesses and subsidiaries will not have any recourse to SAEL, but will have direct recourse to the new ultimate parent,” Fitch said in a press release.

The proceeds will be used to refinance debt and to fund pending capital expenditures within the restricted group.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.