Fitch rates Enersis Americas bond BBB

Fitch Ratings said it expects to assign a rating of BBB to Enersis Americas SA's proposed senior unsecured dollar-denominated bond issuance of up to $750 million.

The proceeds will be used to repay the company's notes due 2016 and remaining funds will be temporarily invested pending formalization of the company's proposed merger of Endesa Americas SA and Chilectra Americas SA into Enersis Americas, Fitch said.

The notes will rank pari passu in priority of payment with all other senior unsecured debt at Enersis, the agency said, and would be rated the same as all of its senior unsecured obligations.

The merger is still subject to meeting the conditions related to the statutory merger dissenters' withdrawal rights, Fitch said.

The company’s investment-grade ratings reflect its solid business platform with a strong degree of business and geographic diversification, the agency said, and solid financial and operational metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.