Moody's gives Electricidad notes Ba2

Moody's Investors Service said it gave a Ba2 rating to the up to $350 million of senior secured bonds due 2026 to be issued by Electricidad Firme de Mexico Holdings, SA de CV. The issuer is a unit of Cometa Energia SA de CV.

“As a pure holding company, EF's credit quality reflects its consolidated financial and operating profile. As such, the Ba2 rating takes into consideration Cometa's strong market position in the Mexican energy market as the third largest independent power producer (IPP) with a track-record of more than 20-years. Cometa's portfolio provides significant cash flow diversification across different regional markets, business segments and off takers,” Moody’s said in a press release.

The company will use the proceeds to refinance a bridge loan and other general corporate purposes.

The outlook is stable.

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