S&P rates Atlantica Yield notes BB

S&P said it assigned its BB issue-level rating and 3 recovery rating to Atlantica Yield plc’s $300 million senior unsecured notes due 2026. The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate 55%) recovery in the event of default.

The company intends to use net proceeds to refinance the existing senior notes due November 2019 and to fund general corporate purposes, including acquisitions.

“Our BB issuer credit rating and stable outlook on Atlantica Yield are unchanged,” S&P said in a news release.

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