Fitch ends watch on CE Oaxaca Cuatro

Fitch Ratings said it affirmed CE Oaxaca Cuatro, S de RL de CV's (Oaxaca IV) $150.2 million senior secured notes due 2031 at BBB- with an outstanding balance of $111.0 million, removed the rating watch negative and assigned a stable outlook.

“The removal of the RWN reflects Fitch's alleviated concerns with respect to the project's exposure to curtailment risk. During the last 10 months, curtailment levels at the plant have been small compared to that observed in 2020, when Oaxaca IV was placed on RWN was placed. Furthermore, Oaxaca IV's financial profile has been resilient towards observed moderate levels of curtailment in 2022, and Fitch opines that the project should be able to adequately cope with this, should similar curtailment levels be experienced throughout the debt tenor,” the agency said in a press release.

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