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Moody's rates AEI notes B2
Moody's Investors Service said it assigned a B2 (LGD5, 75%) rating to AEI's proposed issuance of $250 million senior unsecured notes due 2018. The B1 corporate family and probability-of-default ratings and Ba3 (LGD3, 34%) senior secured credit facilities were affirmed.
The outlook is stable.
The affirmations reflect Moody's expectation that AEI will use the proceeds from the proposed offering for debt repayment and to fund new investment opportunities.
The agency said AEI's B1 corporate family rating reflects its moderately leveraged consolidated capital structure and the structural subordination of its parent-level recourse debt to a significant amount of non-recourse debt at its operating companies.
Moody's views the structural subordination constraints as somewhat mitigated by the diversification provided by AEI's operating subsidiaries and by the stable and predictable cash flows provided by operations in various other countries in addition to Brazil.
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