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Prospect News home > News index > List of issuers O > Headlines for Orazul Energy Egenor S. en C. por A. > News item |
Fitch rates Egenor IDR, notes BB
Fitch Ratings said it assigned BB long-term foreign currency and local currency issuer default ratings to Orazul Energy Egenor S. en C. por A. and subsidiary (Egenor).
The agency also assigned a BB(EXP) rating to Egenor's $550 million of proposed senior unsecured notes to be jointly guaranteed by Egenor's subsidiaries and its sister company Aguaytia Energy del Peru SRL and subsidiaries.
Both Egenor and Aquaytia are wholly owned subsidiaries of Orazul Energia Peru SAC.
The outlook is stable.
“Egenor's rating considers the combined assets and operations of Egenor and Aguaytia and is supported by Orazul's sizeable hydroelectric assets combined with its vertically integrated thermal generation business, which provides the company with unique operational and financial flexibility in the Peruvian energy market,” Fitch said in a news release.
“Further, the company benefits from a strong contracted position that lowers overall business risk.
“This flexibility and lower business risk profile mitigates the negative pressure from the leverage levels that are high for the rating category, as well as serving as a counterbalance to commodity volatility within the smaller hydrocarbon segment of the business,” the agency added in the release.
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