CE Oaxaca Dos, S. de R.L. de C.V.'s $164.5 Million Senior Secured Notes Rated Preliminary 'BBB-'

Stocks and Financial Services Press Releases Tuesday July 17, 2012 08:54
MEXICO CITY--17 Jul--Standard & Poor's
  • Mexico-based wind power project, Oaxaca II, is planning to issue $164.5 million senior secured notes due December 2031.
  • The notes will be backed by the issuer's right to receive payment under the 20-year power purchase agreement with Comisión Federal de Electricidad.
  • We are assigning our preliminary 'BBB-' rating to the issue.
  • The stable outlook reflects the project's long-term power purchase agreements with Comisión Federal de Electricidad and reasonable expectations for wind resource and turbine performance.

MEXICO CITY (Standard & Poor's) July 16, 2012--Standard & Poor's Ratings Services assigned its preliminary 'BBB-' rating to CE Oaxaca Dos, S. de R.L. de C.V.'s (Oaxaca II) proposed $164.5 million senior secured notes due Dec. 31, 2031. The outlook is stable.

The preliminary rating assumes that all project documents are finalized on comparable terms as presented to Standard & Poor's. The final rating will depend on a review of all finalized project documents. Oaxaca II will repay debt with cash flow from its 102 megawatt wind farm project that earns revenues from energy it sells under long-term power-purchase agreements with Comision Federal De Electricidad (foreign currency: BBB/Stable/--; local currency: A-/Stable/--). Acciona S.A., a wind turbine supplier, indirectly owns Oaxaca IV.


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