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S&P rates E-CL notes BBB
Standard & Poorfs said it assigned a BBB long-term issue-level rating on E-CL SAfs proposed $350 million 10-year Rule 144A senior unsecured notes.
The proceeds will be used to prepay long-term debt at the level of its fully-owned subsidiary, Central Termoelectrica Andina SA, S&P said.
The BBB corporate credit rating on E-CL reflects the companyfs satisfactory business risk profile, intermediate financial risk profile and adequate liquidity, the agency said.
The rating also considers a one]notch uplift to reflect its moderately strategic subsidiary status for its controlling parent, GDF SUEZ SA, S&P said.
E-CL is a profitable business that is important to the groupfs long]term strategy and likely to receive support under a financial distress scenario, the agency said.
The stable outlook reflects an expectation that E]CLfs EBITDA will recover to $250 million to $300 million in 2014 from $246 million in 2013 assuming total sales of 9,000 gigawatt hours to 10,000 GWh, S&P added.
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