Fitch upgrades GNL Quintero

Fitch Ratings said it upgraded the rating on GNL Quintero SA’s $1.1 billion of 4.634% senior unsecured notes due 2029 to A- from BBB+. The agency also raised the long-term foreign- and local-currency issuer default ratings to A- from BBB+.

“GNLQ’s upgrade reflects its improved leverage profile and continued deleveraging trajectory since the notes have started amortizing in 2021. Fitch estimates that gross leverage, defined as total debt to EBITDA, is expected to fall below 2.7x by 2024 and deleverage to 1.1x by 2026, which is consistent with the A category. FCF is expected to remain positive after dividend payments across the rating horizon,” the agency said in a press release.

The outlook is stable.

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