Fitch: Greenko Dutch notes B

Fitch Ratings said it assigned a final rating of B to Greenko Dutch BV’s $550 million 8% senior notes due 2019.

The notes are guaranteed by Greenko Group plc. The final rating follows the receipt of documents conforming to information already received, Fitch said, and is in line with the expected rating assigned July 14.

The proceeds will be used to refinance existing debt at operating entities, Fitch said.

The operating entities will issue Indian rupee-denominated bonds to Greenko Dutch as part of the debt refinancing, the agency said.

The ratings reflect the credit strengths and weaknesses of the debt structure and the assets of a restricted group of the company’s operating entities, Fitch said.

The restricted group is constrained by covenants to limit its cash outflows and any additional debt incurrence that would benefit the senior note holders, the agency said.

The rating also reflects the absence of other prior ranking debt in the restricted group, aside from a stand-by working capital debt facility of $30 million secured exclusively against accounts receivables, Fitch said.

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