S&P rates Greenko Energy B+

Standard & Poor’s said it assigned a B+ long-term corporate credit rating to Greenko Energy Holdings, an affiliate of GIC Pte. Ltd.

The outlook is positive.

The agency also said it withdrew the B long-term corporate credit rating on Greenko Group plc.

Greenko is the new holding company for the power assets and liabilities that GIC acquired from Greenko Group.

S&P said it raised the long-term issue rating on the senior secured notes issued by Greenko Dutch BV to B+ from B. Greenko now guarantees these notes, which were previously guaranteed by Greenko Group.

The ratings reflect Greenko’s high leverage, short but improving track record and small size, S&P said.

Some of the company’s customers have weak credit quality, the agency said, and the cash flows from wind assets are seasonal.

The strength of Greenko’s regulated renewable power generation business and declining execution risk temper these weaknesses, S&P said.

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