Fitch rates Zeus Energy notes BB-

Fitch Ratings said it assigned Zeus Energy Holdings' proposed dollar notes an expected rating of BB-.

The agency assigned ReNew Power Ltd. an issuer default rating of BB-.

The outlook is stable.

Zeus will use the proceeds of the notes to subscribe to the rupee-denominated nonconvertible debentures to be issued by ReNew.

Zeus is a special purpose vehicle that is held by a trust and its ownership is not linked to ReNew.

Zeus will only be a senior unsecured lender to ReNew and does not hold any equity in ReNew.

The agency said the expected rating on the proposed dollar notes reflects the credit strengths and weaknesses of ReNew.

The noteholders will benefit from a charge over the bank accounts and 100% of the shares of Zeus.

ReNew plans to use the proceeds from the proposed notes to refinance its existing debt.

© 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.