S&P rates Trinidad Generation notes BBB

S&P said it assigned a BBB corporate credit rating to Trinidad Generation Unlimited, along with a BBB rating on its $600 million notes.

The outlook is negative.

The company is a government-owned company that operates a 720 MW capacity

combined-cycle gas-fired power plant in the Republic of Trinidad & Tobago, S&P said.

The proposed outlook is negative, mirroring the sovereign rating, the agency noted.

Given the view of the company as a government-related entity, the ratings will match the sovereign ratings of Trinidad & Tobago, S&P said.

The company is expected to maintain its strong operating and financial performance with a solid EBITDA generation, predictable cash flows and an adjusted debt-to-EBITDA ratio of about 5x to 6x during the two-year outlook horizon, the agency said.

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