Moody's assigns Abengoa add-on B2

Moody's Investors Service said it assigned a B2 rating to Abengoa Finance, SAU's proposed €250 million tap on the existing senior secured notes with a loss given default assessment of LGD 3-45%.

The additional senior unsecured notes will be issued under the indenture governing the existing €250 million senior notes due 2018.

All other ratings, including Abengoa SA's B2 corporate family rating and the B2-PD probability of default rating, remain unchanged.

The outlook on all ratings is stable.

Moody's said the B2 rating on the senior unsecured notes reflects that these notes will be unsecured senior obligations of Abengoa and will rank equally with the company's existing senior indebtedness but ahead of the outstanding convertible notes.

Abengoa intends to use the proceeds from the offering to prepay existing debt under its syndicated loan, by no later than the next interest payment due date of Jan. 22, 2014.

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