Moody’s rates Abengoa notes B2

Moody's Investors Service said it assigned a provisional B2 (LGD3, 47%) rating to the proposed €500 million senior unsecured notes due 2019 that are to be issued by Abengoa Greenfield and guaranteed by Abengoa SA.

The notes are expected to be issued in tranches denominated in U.S. dollars and euros.

Moody’s said the provisional B2 instrument ratings reflect the notes' pari passu ranking with existing senior unsecured debt that also benefit from a parent guarantee of Abengoa SA and material operating subsidiaries' guarantees.

Abengoa plans to use the proceeds to pre-finance future environmentally friendly concession projects, until the long-term funding associated to those projects is obtained.

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