CE Oaxaca Cuatro, S. de R.L. de C.V.'s $167.5 Million Senior Secured Notes Rated Preliminary 'BBB-'

Stocks and Financial Services Press Releases Tuesday July 17, 2012 08:52
MEXICO CITY--17 Jul--Standard & Poor's
  • Mexico-based wind power project Oaxaca IV is planning to issue $167.5 million senior secured notes due December 2031.
  • The notes will be backed by the issuer's right to receive payment underthe 20-year power purchase agreement with Comisión Federal deElectricidad.
  • We are assigning our preliminary 'BBB-' rating to the issue.
  • The stable outlook reflects the project's long-term power purchaseagreements with Comisión Federal de Electricidad and reasonableexpectations for wind resource and turbine performance.

MEXICO CITY (Standard & Poor's) July 16, 2012--Standard & Poor's RatingsServices assigned its preliminary 'BBB-' rating to CE Oaxaca Cuatro, S. deR.L. de C.V.'s (Oaxaca IV) proposed $167.5 million senior secured notes dueDec. 31, 2031. The outlook is stable.

The preliminary rating assumes that all project documents are finalized oncomparable terms as presented to Standard & Poor's. The final rating willdepend on a review of all finalized project documents.

Oaxaca IV will repay debt with cash flow from its 102 megawatt (MW) wind farmproject that earns revenues from energy it sells under long-termpower-purchase agreements (PPA) with Comisión Federal de Electricidad (CFE;foreign currency: BBB/Stable/--; local currency: A-/Stable/--). Acciona S.A.,a wind turbine, supplier, indirectly owns Oaxaca IV.


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