Moody's gives Inkia notes Ba3

Moody's Investors Service said it affirmed the Ba3 corporate family and senior unsecured ratings of Inkia Energy Ltd.

In addition, Moody's assigned a Ba3 rating to Inkia's proposed $150 million additional senior unsecured note offering to be issued under the indenture dated April 4, 2011, pursuant to which Inkia issued initially the $300 million 8 3/8% senior unsecured notes due 2021.

The outlook is stable.

"Inkia's Ba3 ratings reflect the structural subordination and the material amount of debt that exists at the holding company," Moody's vice president Natividad Martel said in a news release. "Moody's calculates that Inkia's parent-only debt will exceed 50% of the consolidated indebtedness including the subordinated shareholder loans following the issuance of the additional senior unsecured notes."

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