Fitch rates SCC Power notes CC

Fitch Ratings said it assigned a CC rating to SCC Power plc's $17.86 million first-lien senior secured notes due in 2028, $310 million second-lien senior secured notes and $200 million senior secured notes due in 2032.

“The rating reflects SCC Power's operational stage, moderate operating risks with an experienced operator, and SCC's dependence on the country's off-taker and electricity market coordinator, Compania Administradora del Mercado Mayorista Electrico (Cammesa),” the agency said in a news release.

Fitch said it views this exposure as systemic but strongly reliant on federal government transfers.

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