S&P affirms ContourGlobal

S&P said it affirmed its BB- issuer credit rating on ContourGlobal LP and affirmed the BB issue-level rating on ContourGlobal Power Holdings SA's $700 million senior secured notes.

The recovery rating of 2 is unchanged.

The outlook is stable.

The agency said the affirmation stems from the recent announcement of ContourGlobal's acquisition of a portfolio of five parabolic trough solar assets totaling 250 MW in Spain.

“In general, this is a credit-supportive acquisition,” S&P said in a news release.

“The issuer's leverage has declined, and the additional of incremental and relatively stable EBITDA should support this initiative.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.