Fitch affirms Golden Americas

Fitch Ratings said it affirmed Golden Americas Ltd.'s foreign currency issuer default rating at B+ and its $14.4 million note issuance due 2018 at B+/RR4.

The outlook is stable.

Golden Americas' ratings reflect the company's minority shareholder position in Termobarranquila (Tebsa), as well as the structural subordination of its debt to that of Leaseco. Positively, the ratings factor in Tebsa's relatively stable and predictable cash flow, which is used to service interest payments, as well as the company's moderate debt levels.

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