Moody's rates Empresa de Transmision notes Baa1

Moody's Investors Service said it assigned a Baa1 global scale rating to Empresa de Transmision Electrica, SA's up to $500 million proposed amortizing senior unsecured 144A Regulation S notes that will have up to a 30-year tenor.

The ratings consider that the proposed notes will be direct obligations of the company and assume an increase in leverage in 2019, Moody's said, but a gradual de-leveraging over the following years.

The proceeds are expected to be used to refinance and consolidate current outstanding debt, the agency said.

The company is Panama's electricity transmission company, wholly owned by the government of Panama, the agency said.

© 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.