S&P affirms Vela Energy bonds

S&P said it affirmed its BBB long-term issue credit ratings on the bonds issued by Vela Energy Finance SA.

Specifically, the agency affirmed the ratings on the €310.4 million class A1 bond, €66 million class A2 bond and €28 million class A3 bond.

The outlook is stable.

The agency said that Vela Energy achieved a total real production level of 5% above S&P’s base-case estimations in 2017. S&P also said that most of the parks also reported higher availability levels than the 98.5% it expected.

“Following the recent changes in the Spanish government, remuneration in the renewable sector remains uncertain,” the agency said in a news release.

“However, we consider that the transaction has some cushion and can absorb lower remuneration on its assets than currently reflected in our base case.”

© 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.