Fitch rates Sindicatum bonds AA-

Fitch Ratings said it assigned an AA- rating to Sindicatum Renewable Energy Co. Pte. Ltd.’s guaranteed PHP 1.06 billion 7.4% green bonds due 2028.

The note ratings reflect GuarantCo’s guarantee, Fitch said. The bonds are denominated in Indian rupees and Philippine pesos. However, the coupon and principal are settled in U.S. dollars using the exchange rate from six business days before the relevant payment date.

“We do not consider Sindicatum’s stand-alone credit profile in rating the notes, as the notes are fully guaranteed by GuarantCo, even in an event of bankruptcy of Sindicatum. Sindicatum is a growth-oriented independent renewable power producer with operations in south and southeast Asia,” Fitch said in a press release.

Fitch also affirmed the AA- rating on Sindicatum’s guaranteed Indian rupee green bonds, which were issued in two tranches: Rs. 951.10 million 8.6% senior notes due 2023 and Rs. 1.59 billion 9.35% senior notes due 2025.

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