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Moody's gives Ba3 to EGE Haina, notes
Moody's Investors Service said it assigned a first-time Ba3 rating to the up to $300 million of senior unsecured notes due 2031 to be sold by Empresa Generadora de Electricidad Haina, SA.
“The Ba3 rating reflects EGE Haina's strategic and competitive nature of its portfolio of generation assets in Dominican Republic (government of Dominican Republic, Ba3 stable) that contribute to around 14% of the country's generation capacity. The rating also considers the adequate cash flow visibility given 84% of its energy output is contracted, on average for the next 10 years,” Moody’s said in a press release.
Haina plans to use about $270 million of the proceeds to refinance debt and to distribute close to $30 million as dividends.
The outlook is stable.
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