Fitch turns Greenko view to negative

Fitch Ratings said it revised the outlook on Greenko Energy Holdings to negative from stable and affirmed the long-term foreign-currency issuer default rating at BB.

The agency has also affirmed the BB ratings on the senior notes issued by Greenko Solar (Mauritius) Ltd., Greenko Investment Co., Greenko Dutch BV and Greenko Power II Ltd. The entities are subsidiaries of Greenko, which guarantees all these notes.

“The outlook revision to negative reflects a sharp increase in Greenko's trade receivables over the last two years and the lack of clarity about the timing and quantum of improvement in the receivables, which leads to risks that Greenko's net coverage, measured as operating EBITDA/net interest expense, will not be maintained above the negative sensitivity at 1.8x,” Fitch said in a press release.

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