Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for Greenko Power II Ltd. > News item |
Moody's changes Greenko view to negative
Moody's Ratings said it revised the outlook to negative from stable for Greenko Energy Holdings' (GEH) and affirmed its Ba2 corporate family rating and the Ba2 backed senior unsecured ratings for Greenko Dutch BV (GDBV), Greenko Power II Ltd. (GPII), Greenko Solar (Mauritius) Ltd. (GSML), Greenko Wind Projects (Mauritius) Ltd. (GWPM) and Greenko Mauritius (GM).
“The change in outlook to negative reflects the near-term weakening of GEH's stand-alone credit quality, due to concurrent large-scale capital expenditure projects which are currently being, or will be, undertaken by GEH, such as several pumped hydro storage projects (PHSPs) and the latest announced acquisition of a large hydropower project.
“Although GEH has a track record of execution, these projects will generate cashflow with a lag due to complexity. This rating action follows GEH's announcement to acquire a 60.08% equity stake in Sikkim Urja Ltd. (SUL) that owns and operates a 1,200 megawatt (MW) Teesta III hydropower project in the state of Sikkim, India,” Moody’s said in a press release.
The agency said it expects the cost and capital expenditures for Teesta III to cost $300 million to $400 million.
© 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.