Fitch gives B+ to Continuum Green Energy notes

Fitch Ratings said it assigned Continuum Green Energy Ltd. (GCEL) a long-term issuer default rating of B+ with a positive outlook.

Fitch also assigned a B+ rating with a recovery rating of RR4 to the proposed $450 million senior notes to be issued by Continuum Energy Aura Pte. Ltd. (CEAPL), a Singapore-based fully owned subsidiary of CGEL, which will unconditionally and irrevocably guarantee the proposed notes.

CEAPL will use the proceeds for refinancing, interest servicing, development expenditure, transaction expense and for general corporate purposes, Fitch noted in a news release.

Noteholders will benefit from covenants limiting consolidated debt and distributions, along with a charge over CEAPL's bank accounts and shares as well as a negative lien on 75% of the shares of Continuum Green Energy (India) Pvt. Ltd., the onshore holding company.

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