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S&P ups Georgia Global Utilities
S&P said it raised Georgia Global Utilities’ issuer rating to B+ from B.
The upgrade follows FCC Aqualia SA becoming the owner of an 80% stake in Georgia Global Utilities through Aqualia Georgia LLC, with some of the renewables assets spun off to Georgia Capital.
“Throughout the process, GGU refinanced entirely the $250 million bond due 2025 partly with a shareholder loan totaling $164 million from FCC Aqualia and a shareholder loan by Georgia Capital, therefore lowering its debt quantum. Given the shareholder support, we see GGU as a moderately strategic asset for FCC Aqualia and therefore benefitting from shareholder support,” S&P said in a press release.
The outlook is positive.
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