S&P rates Guacolda Energia BB+

S&P said it assigned a BB+ corporate credit rating on Guacolda Energia SA.

The agency also said it affirmed the issue-level rating on Empresa Electrica Guacolda SA’s existing $500 million senior unsecured notes due 2025 at BB+ and withdrew the BB+ corporate credit rating on the company.

The outlook on Guacolda is stable.

During the second half of 2015, Empresa Electrica Guacolda announced a corporate reorganization process, the agency explained.

After the transaction was completed, Empresa Electrica Guacolda was taken over by Guacolda Energia, which acquired all of the assets, liabilities, rights and obligations of the Empresa Electrica, including the rated bonds of $500 million due in 2025, S&P said.

The transaction did not imply any change from an operational, statutory or shareholder perspective and was intended only to lead to gains in efficiency, the agency said.

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