Fitch rates Albanesi notes B+

Fitch Ratings said it assigned a first-time long-term foreign-currency issuer default rating of B and local-currency issuer default rating of BB- to Albanesi SA.

The outlook is stable.

The agency also said it assigned an expected rating of B+ with recovery rating of RR3 to up to $250 million proposed senior unsecured notes issued by Central Termica Roca, Generacion Mediterranea SA (Gemsa) and Generacion Frias (GFSA).

GFSA and Gemsa are subsidiaries of Albanesi, which guarantees the notes, Fitch said.

Each of the issuers and Albanesi will be jointly and severally liable for any payment obligations under the notes, the agency said.

The proceeds will be used to refinance existing debt at its subsidiaries, fund capital expenditures and general corporate purposes, Fitch said.

Albanesi's ratings reflect the industry's improving regulatory risk and sound metrics supported by its relatively stable and predictable cash-flow generation, the agency said.

The ratings are constrained by the B country ceiling of the Republic of Argentina, Fitch added.

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