Moody's affirms Quezon Power

Moody's Investors Service said it affirmed the B3 senior secured rating of the series 1997 bonds issued by Quezon Power (Philippines), Ltd. Co.

The outlook is stable.

This action follows news that the company would issue up to $100 million of subordinated debt.

Although the new debt is a significant proportion of Quezon's total debt, the affirmation considers the credit strength of Manila Electric Co., the purchaser of the power generated by Quezon and the maintenance of acceptable financial metrics exhibited by the project, Moody's said.

The ratings are constrained by the company's continued inability to pass on to its customers increased generation costs, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.