Fitch cuts Stoneway notes to CCC

Fitch Ratings said it downgraded Stoneway Capital Corp.’s senior secured notes due 2027 to CCC from B on Argentina’s recent downgrade to CCC from B.

“The rating reflects Stoneway's operational stage, the power purchase agreements (PPAs) with sole off-taker CAMMESA, moderate operating risks established through fixed-priced O&M and overhaul costs with an experienced counterparty,” said Fitch in a news release.

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