S&P cuts Inkia Energy debt

S&P said it affirmed the BB corporate credit rating on Inkia Energy Ltd. and lowered the issue-level debt ratings to BB- from BB.

The outlook remains stable.

S&P said the lower issue-level ratings reflect the structural subordination of Inkia's $448 million senior unsecured debt in relation to the subsidiaries' financial and operating obligations, which reach up to $1,759,000,000, including its 545 megawatt (MW) hydroelectric project, Cerro del Aguila.

In the agency’s view, although Inkia benefits from geographic and business diversification, it's not sufficient to entirely mitigate the structural subordination.

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