Moody’s assigns Ba2 to Gener’s notes

Moody’s Investors Service said it assigned a Ba2 rating to AES Gener SA’s proposed $450 million junior subordinated capital notes due in 2079.

“The Ba2 rating assigned to Gener’s junior subordinated capital notes reflects the terms of the proposed hybrid instrument including a maturity of 60 years, its deeply subordinated position within the company's capital structure where it will rank senior only to Gener’s common shares and Gener’s ability to defer coupons on a cumulative basis,” said Moody’s in a press release.

Proceeds will be used to fund a cash tender, to repay short-term debt at Gener’s Colombian subsidiary and any funds remaining may be used for eligible green projects in Chile and Colombia.

The outlook is negative.

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