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S&P raises Solaben debt rating
S&P said it raised the rating on Solaben Luxembourg SA’s senior secured debt to BBB+ from BBB.
The upgrade follows the revision of Spanish law on the remuneration for subsidized renewables projects for January 2020 to December 2025. The applicable reasonable rate of return for Solaben could be 7.389% until December 2031 or 7.09% until December 2025, to be determined by certain conditions. The project should be entitled to receive 7.389% until December 2031, the agency said.
Formal confirmation is expected by September 2020. Until then S&P said it assumes the project will be entitled to receive 7.09% until December 2025, the lower remuneration under the new regulation, and be exposed to market risk only thereafter.
The outlook is positive.
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