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S&P rates Peru LNG, debt BBB-
S&P said it assigned its BBB- corporate credit and issue-level ratings to Peru LNG SRL.
The outlook is stable.
The company intends to issue a $940 million 12-year amortizing senior bond, mostly to prepay outstanding debt of $1.2 billion.
The agency said the ratings incorporate the company's solid competitive position in Peru, which is protected by the significant barriers to entry for potential competitors, as well as its adequate contract profile that ensures strong predictability of volumes delivered.
In addition, the company’s liquefaction plant has a history of adequate operating performance evidenced by high utilization levels and doesn't require significant maintenance capital spending to ensure good records, S&P added.
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