S&P rates AI Candelaria notes BB-

S&P said it assigned its BB- issue-level rating to AI Candelaria's planned senior secured notes for up to $575 million.

Candelaria will use the proceeds for a tender for up to $350 million of its $750 million of senior secured notes due 2028 and to increase its stake in Oleoducto Central, SA (Ocensa) to a total of 27.352%.

Concurrently, S&P affirmed the BB- rating on Candelaria's outstanding notes.

“We view that the increase in debt and related financial expenses are offset by the higher dividends from Ocensa and the more affordable debt maturity schedule,” S&P said in a press release.

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