S&P boosts GNL Quintero

S&P said it raised its ratings on GNL Quintero SA to BBB+ from BBB.

“We expect this trend to continue and the leverage reduction to accelerate as the company meets its semi-annual bond amortizations, which started in July 2021. We expect net debt to EBITDA to drop to 1.5x or even lower in 2024 from 3x in 2021 and 2.2x in 2022. As a result, we revised our assessment of GNLQ's financial risk profile to modest from intermediate,” the agency said in a press release.

The outlook is stable.

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