Fitch boosts DTEK Renewables notes

Fitch Ratings said it upgraded DTEK Renewables Finance BV's senior unsecured rating to CC from C based on better recovery prospects and an increase of the recovery rating to RR4 from RR5. The agency also affirmed DTEK Renewables BV's long-term foreign- and local-currency issuer default ratings at CC.

“Despite increased generation volumes following completion of a wind farm project in May 2023, Fitch views default as very likely. DTEK Renewable is experiencing severe distress, including operational disruptions, limited liquidity and very high refinancing risk,” the agency said in a statement.

DTEK Renewables has enough cash held abroad for the next bond coupon payments on the green bond of €11.9 million due in November 2023, May and November 2024.

“However, Fitch views some form of debt restructuring related to the green bonds as highly likely within the next 12 months, given that the green bonds mature in November 2024 (current outstanding amount of €280.6 million),” Fitch said.

© 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.