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S&P: GNL Quintero notes BBB
Standard & Poor’s said it assigned a BBB corporate credit rating to GNL Quintero SA.
The agency also said it assigned a BBB rating to GNL Quintero’s proposed issuance for $1.1 billion Rule 144A 15-year amortizing senior unsecured notes.
The outlook is stable.
The company’s high importance for Chile’s energy sector and its predictable and stable cash flow generation support an assessment of the company’s strong business risk profile, S&P said.
Under the solid use-or-pay contractual base, the company doesn’t face volume or commodity price risks, the agency said.
GNL Quintero is expected to remain a highly strategic asset for Chile’s energy sector, given the country’s lack of natural-gas reserves and production, S&P said.
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