Fitch rates Genneia debt B+

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

Fitch also said it assigned an expected rating of B+ with recovery rating of RR3 to the company's proposed debt issuance of up to $350 million due 2024.

The proceeds will be used to refinance existing debt, fund capital expenditures and for general corporate purposes, the agency said.

The outlook is stable.

Genneia's foreign-currency rating is constrained by the B country ceiling of the Republic of Argentina, which limits the foreign-currency rating of most Argentine corporations, Fitch said.

The ratings also consider the industry's improving regulatory risk, the company’s sound metrics supported by its relatively stable and predictable cash-flow generation and dominant position in the renewable energy sector, the agency said.

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