S&P ups Termocandelaria Power

S&P said it raised its ratings on Termocandelaria Power SA and its senior unsecured notes to BB from BB- and revised the outlook to stable from positive.

“We expect TPL's EBITDA to accelerate toward $300 million, backed by a steady first half of 2023 and favorable prospects, including sustained demand in the Atlantic Coast and high spot prices, which favor in-merit generation.

“We expect in-merit generation and spot prices to remain solid, influenced by El Nino which settles in the region. On this basis and considering the upgrade completion of the company's Tecan plant, we believe TPL's leverage–as measured by debt to EBITDA–will improve to below 3x,” S&P said in a press release.

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