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S&P cuts DTEK Renewables
S&P said it downgraded DTEK Renewables BVs senior unsecured notes to D and its issuer rating to SD, or selective default, from CCC-, respectively.
We lowered our foreign currency rating on DTEK Renewables following its distressed debt exchange. In January 2023, Ornex Ltd. the Cyprus-registered subsidiary of DTEK Renewables announced a tender offer to buy up to 20 million of its 325 million senior unsecured green bonds maturing in November 2024. The transaction resulted in DTEK Renewables buying 35.79 million of the green bonds for 14.98 million. The buyback price was materially below par, at no more than 41% of the bonds' face value and representing about 11% of the total bonds, S&P said in a press release.
The agency said it plans to review the issuer credit and issue ratings on DTEK Renewables within the next two days. We understand that this transaction optimizes the group's capital structure by reducing its outstanding debt, thereby reducing leverage and avoiding a future potential default.
DTEKs CCC- long-term local-currency issuer rating is unchanged and remains on negative watch, where it was placed on March 7.
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