S&P rates ACWA Power BB+

S&P said it assigned a preliminary BB+ rating to ACWA Power Management and Investments Two Ltd. (APMI2), which is 100% owned by International Co. for Water and Power Projects (ACWA Power).

The outlook is stable.

The preliminary issuer credit rating on APMI2 reflects an analysis of the creditworthiness of ACWA Power Management and Investments One Ltd. (APMI1), S&P said.

This is because APMI2 and APMI1 share the same cash flows on a pari passu basis and the same security package, the agency said.

Therefore, S&P said it bases the estimated credit ratios on overall debt from both entities.

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