S&P changes Inkia to stable

S&P said it affirmed the BB corporate credit rating on Inkia Energy Ltd. and revised the outlook to stable from developing.

The agency also affirmed Inkia's senior unsecured issue-level ratings at BB-, reflecting the structural subordination of Inkia's $450 million senior unsecured debt in relation to its subsidiaries' financial obligations.

The action follows the recent agreement signed between I Squared Capital and Inkia's ultimate shareholder Kenon Holdings Ltd. for Inkia's acquisition.

The agency said the actions reflect that the uncertainties regarding the acquisition have ceased.

“Under the new corporate structure, we don't expect Inkia's financial policies towards leverage, investments and dividend payments to significantly change,” S&P said in a news release.

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