Fitch rates Viesgo bonds BBB

Fitch Ratings said it assigned IE2 Holdco, SAU's €500 million of 2.375% notes due 2023 and €550 million of 2.875% notes due 2026 expected ratings of BBB.

The ratings, the agency said, follow the recently launched consent solicitation to replace the issuer and its guarantor, Viesgo Holdco SAU with EDP - Energias de Portugal SA, which Fitch rates BBB, and to amend certain terms and conditions of the two outstanding bonds to substantially align them with those of EDP's senior unsecured notes.

“The purpose of the consent solicitation is to simplify EDP group's debt structure, to centralize reporting obligations at EDP level and to assure consistent treatment among all of the group's bondholders,” Fitch said in a press release. The agency will finalize the ratings if the solicitation is successful.

The outlook is stable.

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