Moody’s: Castle Peak Power notes A1

Moody's Investors Service said it assigned an A1 rating to Castle Peak Power Finance Co. Ltd.’s proposed senior unsecured dollar-denominated medium-term notes.

The notes will be issued under the existing $2 billion guaranteed medium-term note program, which is rated provisional A1.

The outlook is stable.

The notes are unconditionally and irrevocably guaranteed by Castle Peak Power Co. Ltd. (Capco).

Capco plans to use the proceeds to refinance its existing loan facility.

"The A1 rating is primarily driven by Capco’s predictable cash flow and low-risk business profile, in turn underpinned by its robust power purchase agreement and the stable regulatory environment in Hong Kong," Moody's vice president and senior analyst Ivy Poon said in a news release.

"The proposed note issuance will not materially affect Capco’s debt leverage, as the majority of the proceeds will be used for refinancing."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.