S&P stabilizes Sonnedix outlook

S&P said it changed its outlook for Sonnedix Finance SA to stable from negative and affirmed the BBB ratings on its senior secured bonds.

This summer the Spanish government published its remuneration parameters for 2023 to 2025, which lowered Sonnedix’s revenue.

“This will result in a debt-service coverage ratio of 1.28x in December 2027 and a median DSCR of 1.36x, compared with a median DSCR of 1.48x in mid-year 2021 before the electricity price volatility started,” the agency said in a press release.

S&P said, “We see this fall as commensurate with the existing rating of BBB, and as providing a strong financial cushion to withstand potential price volatility in the future.”

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