Orange Cogen Funding Corp. Issue-Level Rating Lowered To #BBB+# From #A-# On Downgrade To Project#s Outlook Stable

Stocks and Financial Services Press Releases Tuesday June 5, 2018 10:09
TORONTO--5 Jun--S&P Global Ratings

TORONTO (S&P Global Ratings) June 4, 2018--S&P Global Ratings today lowered its issue-level rating on Orange Cogen Funding Corp.'s $110 million senior secured bonds due 2022 to 'BBB+' from 'A-'. The outlook is stable.

The rating action reflects that on the project's bank, Deutsche Bank Trust Co. Americas, on June 1, 2018. The rating on the project is weak-linked to that on the bank because the replacement provision in the project agreement does not fully comply with our financial counterparty criteria.

The stable outlook reflects the link to the project's bank, Deutsche Bank Trust.

We cap the rating at the lower of the credit ratings on its energy off-taker and its financial counterparty. We could raise the rating if we upgrade the financial counterparty above 'BBB+' because the project's operations support a higher rating.

We could lower the rating if the rating on the project's off-taker or financial counterparty falls below 'BBB+'. We could also lower the rating if gas prices were to increase materially (which we believe is unlikely in our two-year outlook period), and operating performance were to deteriorate such that we forecast sustained DSCRs at the lower end of the 1.75x-2.50x range.


Latest Press Release

Fitch Rtgs: No Immediate Rating Impact on Polyplex Thailand from Penalties

The ratings on Polyplex (Thailand) Public Company Limited (PTL; A-(tha)/Stable) are unlikely to be immediately affected by penalties imposed by the regulator on the directors and executives of PTL and its major shareholder, Polyplex Corporation Limited...

Photo Release: TSI Insurance AGM 2018, strengthens partnership with GT Group moving towards InsurTech

Thai Setakij Insurance PLC (TSI) recently organized 2018 Annual Ordinary General Meeting of Shareholders. Such meeting was held at Shangri-La Hotel, Bangkok. The meeting announced directions to bring digital technology for business development to create...

Fitch Rates Bank of Ayudhya#s Basel III Tier 2 THB Notes at #AA+(tha)#

Fitch Ratings (Thailand) has assigned Bank of Ayudhya Public Company Limited's (BAY; AAA(tha)/Stable) upcoming issue of Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured notes a National Long-Term Rating of 'AA+(tha)'. The...

KASIKORNTHAI BANK Limited Lao PDR and Lao Telecom join hands to launch QR KBanks new feature for mobile top-up anytime, anywhere, expecting to see 120,000 customers sign up for the service this year, which will soon be available across Vientiane.

Enhancing consumer convenience, KASIKORNTHAI BANK Limited Lao PDR has collaborated with Lao Telecom Company Ltd. to add a new mobile top-up feature to the QR KBank application, allowing mobile users to top up their mobile and internet of the Lao Telecom...

Photo Release: EXIM Thailand Holds Asian Exim Banks Forum Training to Promote Knowledge on Public Private Partnership for Export Credit Agencies

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), recently took a group photo with guest speakers from Asian EXIM Banks and Asian Development Bank (ADB) during the opening ceremony of the 38th Asian EXIM Banks Forum...

Related Topics