Fitch upgrades Andromeda Finance

Fitch Ratings said it upgraded Andromeda Finance Srl's class A2 notes' rating to BBB- from BB+ and affirmed its class A1 notes' rating at BBB. The class A1 notes' rating benefits from SACE SpA's guarantee.

“The class A2 notes' rating upgrade reflects the consistently strong operating record of the underlying solar PV plants with strong historical production and high availability above 99%. Debt service coverage ratio (DSCR) averages 1.4x under the Fitch rating case (FRC), but falls marginally below the investment-grade threshold in the last two years of the debt term. This is compensated for by a debt-free tail of 1.8 years,” the agency said in a press release.

The outlook is stable.

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