S&P assigns Eten notes BBB-

Standard & Poor's said it assigned its BBB- rating to Planta de Reserva Fria de Generacion de Eten SA's (Eten) proposed $132.8 million senior secured notes due December 2033.

The outlook is stable.

The rating on the notes reflects Eten's long-term concession agreement that provides a stable and predictable revenue base. It is also based on a credit guarantee from Corporacion Andina de Fomento (AA-/stable/A-1+) for 20% of the outstanding balance of the notes, which could be used to pay interest and principal during the life of the notes, including during the construction period, S&P said.

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