S&P ends watch on Engie Energia Chile

S&P said it affirmed Engie Energia Chile SA’s BBB ratings and removed them from CreditWatch with negative implications, where it placed them on March 31. The outlook is stable.

In June, Engie Chile closed a 10-year unsecured loan for up to $400 million, consisting of $200 million from International Finance Corp.'s own account and a syndicated loan of up to $200 million. The loans combine a traditional ‘green use of proceeds’ loan with sustainability-linked financing features and will finance part of the company's decarbonization plan as well as new and current renewable energy assets.

“The stable outlook incorporates our view that Engie Chile is a strategically important subsidiary of its parent company, Engie SA (BBB+/stable/A-2), which will likely provide support in most foreseeable circumstances. The stable outlook also reflects our expectations that the company's sources of cash will remain at least 20% higher than used in the next 12 months,” S&P said in a press release.

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