S&P acts on Spanish renewables

S&P said acted on Spanish companies operating renewable energy projects.

The agency revised the outlook on Anselma Issuer, SA’s S&P underlying rating to negative from stable and affirmed the AA issue rating on the class A senior secured debt, maintained the stable outlook and affirmed the BBB SPUR on the class A debt and the BBB issue rating on the class B senior secured debt

S&P concurrently affirmed Desarrollos Empresariales Trafalgar, SA’s AA issue rating on the senior secured debt and maintained the stable outlook. The agency affirmed the BBB SPUR, removed the rating from CreditWatch developing and assigned a negative outlook

On FSL Issuer SAU, S&P affirmed the AA issue rating on the senior secured debt, kept the stable outlook, affirmed the BBB SPUR, removed the rating from CreditWatch negative and assigned a negative outlook.

For Hypesol Solar Inversiones SAU, S&P affirmed the AA issue rating on the senior secured debt and maintained the stable outlook; however, the agency placed the BBB SPUR on CreditWatch negative.

Finally, S&P affirmed Sonnedix Finance SA’s senior secured debt at BBB+ and revised the outlook to negative from stable.

“Beginning in 2023, under the pre-2013 remuneration framework for Spanish renewables, the exceptional prices in 2021 and expected in 2022 (partially mitigated by 2020's lower prices) will lead to lower cash flow generation resulting from the remuneration on the investment. As a result, we expect all rated renewable projects' debt service coverage ratios (DSCRs) to weaken under our base cases and downside cases, although projects differ in the level of headroom, they have to absorb further power price volatility,” the agency said in a press release.

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