S&P gives B to Greenko notes

Standard & Poor’s said it assigned its B long-term corporate credit rating to Isle of Man-based Greenko Group plc. The outlook is positive.

At the same time, S&P assigned a B long-term issue rating to a proposed issue of senior secured notes by its majority-owned indirect subsidiary Greenko Dutch BV. Greenko guarantees the proposed notes.

“The rating reflects Greenko’s high leverage, short track record, and project completion risk for hydro projects. In addition, some of its customers have weak credit quality, and the cash flows from wind assets are seasonal,” said S&P credit analyst Mehul Sukkawala in a news release. “The strength of Greenko’s regulated renewable power generation business tempers these weaknesses.”

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