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Moody's assigns EEB notes Baa3
Moody's Investors Service said it affirmed the Baa3 senior unsecured rating of Empresa de Energia de Bogota (EEB).
In addition, the agency assigned a Baa3 rating to EEB's $112 million additional senior unsecured note offering issued under the indenture dated Nov. 10, 2011, pursuant to which EEB issued initially the $610 million 6 1/8% senior unsecured notes due 2021.
The outlook is stable.
Proceeds will be used by EEB to grant intercompany loans to its two Guatemalan subsidiaries, namely to the engineering service provider EEB Ingenieria y Servicios and to Transportadora de Centroamerica SA.
The rating action reflects the agency's expectation that EEB will continue to report credit metrics that are well positioned within the Baa-rating category outlined in Moody's Regulated Electric and Gas Utilities ratings methodology.
Specifically, Moody's said, the anticipates that EEB will record three-year average ratios of consolidated and parent only operating cash flows to consolidated and parent only level debt that will at least hover around the high teens, as well as consolidated and parent only interest coverage of at least 3.0x.
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