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S&P trims Orazul Energy Peru
S&P said it trimmed Orazul Energy Peru SA’s issuer rating to BB- from BB.
The company sold Aguaytia and Termoselva, its thermal and hydrocarbon generation assets. After the divestment, Orazul only has a stake in hydro assets for a total amount of 376 megawatts from 568 MW.
“Our updated base-case scenario assumes EBITDA of $70 million - $75 million for 2021, down from the previously estimated amount of $90 million - $100 million. Nevertheless, we continue to expect leverage to be 4.6x-4.9x in 2021 and decline to 4.2x-4.5x in 2022. Our projection is in line with the cash tender offer launched by the company on Oct. 29, 2021, for the total amount of proceeds from the asset sale ($41.8 million) of its $405 million note,” the agency said in a press release.
The outlook is stable.
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