Fitch rates Golden notes B+

Fitch Ratings said it assigned a B+ foreign-currency issuer default rating to Golden Americas Ltd. and an expected B+/RR4 long-term rating to its proposed $14.4 million of notes due 2018.

The outlook is stable.

Golden Americas is a holding company that indirectly owns 15% of Termobarranquila, a thermoelectric generating company in Colombia, and 26.3% of Los Amigos Leasing Co., which in turn owns the majority of Termobarranquila's operating assets.

The agency said Golden Americas' ratings reflect its minority shareholder position in Los Amigos as well as the structural subordination of its debt to that of Los Amigos.

Positively, the ratings factor in the relatively stable and predictable cash flow of Termobarranquila and Golden Americas' low debt levels, Fitch said.

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