S&P assigns Castle Peak notes AA-

S&P said it assigned its AA- long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Castle Peak Power Finance Co. Ltd., a wholly owned subsidiary of Castle Peak Power Co. Ltd. (Capco). The issuance is a drawdown from Capco Peak Power’s $2 billion medium-term note program dated June 7, 2017. The parent will guarantee the notes.

“We equalize the issue rating with our issuer credit rating on Capco, reflecting the credit substitution and Capco’s guarantee. We expect the company’s ratio of priority claims to total assets to remain minimal after the issuance,” S&P said in a press release.

Capco will use the proceeds to finance the second unit of its combined cycle gas turbine project, the agency said.

Capco’s stable outlook reflects the outlook on its parent, CLP Holdings Ltd., S&P said.

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