Fitch to give B to MAXpower IDR, notes

Fitch Ratings said it expects to rate MAXpower Group Pte. Ltd. a B long-term foreign currency issuer default rating with a stable outlook.

The agency also assigned MAXpower Group Issuer Pte. Ltd.'s proposed dollar-denominated secured notes an expected rating of B(EXP) with a recovery rating of RR4. The notes will be guaranteed by MAXpower.

MAXpower's ratings reflect its position as an established, niche leader in the fast-growing distributed power segment in Southeast Asia, Fitch said. It develops and operates small, natural gas-fired power plants in under-supplied regions in Indonesia and Myanmar, and sells and provides after-sales services for GE Jenbacher engines. MAXpower has about 293MW of installed capacity in operation and 177.5MW of capacity under construction and in documentation.

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