S&P rates Electricidad de Caracas notes B

Standard & Poor's said it assigned its B rating to Electricidad de Caracas Finance BV's $260 million senior unsecured notes.

Electricidad de Caracas Finance, a wholly owned subsidiary of Venezuelan utility CA La Electricidad De Caracas, plans to issue the notes and use the proceeds to refinance outstanding debt.

S&P said the rating on Electricidad de Caracas is constrained by operating in the Republic of Venezuela, which presents a currency control through the Comision de Administracion de Divisas, its reliance on a single natural gas and fuel oil supplier, Petroleos de Venezuela SA, to meet the fuel needs of its generation assets and high exposure to foreign currency debt.

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