S&P lifts Consolidated Energy debt

S&P said it removed the senior unsecured issue-level ratings for Consolidated Energy Ltd. from under criteria observation and raised the issue rating on the roughly $1.3 billion senior unsecured debt to BB from BB-, which includes the issues carried out through its subsidiary Consolidated Energy Finance SA.

The agency said the actions stem solely from the application of its revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers.

S&P said the rating considers Consolidated Energy’s capital structure, which consists of about $830 million of secured debt, and about $1.54 billion consolidated unsecured debt and about $270 million of unsecured debt issued by its operating subsidiaries.

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