S&P: Quezon Power on watch positive

Standard & Poor's said it placed on CreditWatch positive its B- rating on the $215 million senior secured bonds issued by Quezon Power (Philippines) Ltd. Co.

S&P said the CreditWatch placement reflects the potential improvement in the credit profile of offtaker, Manila Electric Co. (CC/Watch Positive/--), which is in the process of finalizing an agreement with creditors to extend its debt maturities.

The ratings on Quezon Power reflect industry risks relating to an oversupply of electricity in the Philippines and the ongoing industry restructuring, which creates some uncertainty on government policies and regulations on the power market.

© 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.