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Published on 9/30/2022 in the Prospect News Green Finance Daily.

S&P acts on Spanish renewables

S&P said it acted on Spanish renewable energy projects, citing its expectation the government will likely lower subsidies in 2023.

The agency lowered Anselma Issuer SA’s S&P underlying rating (SPUR) on class A debt and the issue rating on the class B senior secured debt to BB+ from BBB, and assigned a negative outlook. Concurrently, it assigned a 3 recovery rating to the class B debt. In addition, the agency affirmed the AA issue rating on the class A senior secured debt and maintained the stable outlook.

S&P trimmed Desarrollos Empresariales Trafalgar SA’s SPUR to BB+ from BBB and assigned a negative outlook. Also, the agency affirmed the AA issue rating on the senior secured debt and maintained the stable outlook.

S&P revised the outlook on SPUR for Enersol Solar Santa Lucia SA to negative from stable and affirmed the BBB SPUR. The agency also affirmed the AA issue rating on the senior secured debt and maintained the stable outlook.

The agency lowered FSL Issuer SAU’s SPUR to BB from BBB and assigned a negative outlook. At the same time, it affirmed the AA issue rating on the senior secured debt and maintained the stable outlook.

S&P trimmed Hypesol Solar Inversiones SAU’s SPUR to BB+ from BBB and assigned a negative outlook. Additionally, the agency affirmed the AA issue rating on the senior secured debt and maintained the stable outlook.

The agency revised the outlook on Solaben Luxembourg SA’s issue rating on the senior secured debt to negative from stable and affirmed the BBB+ issue rating.

The agency also lowered the rating on Sonnedix Finance SA’s senior secured debt rating to BBB from BBB+ and assigned a negative outlook.

Finally, S&P affirmed BBB- rating on Tecnica Universal Solar SA’s senior secured debt and left the outlook negative.


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