Fitch assigns BBB- rating to ACWA Power bonds

The bond was issued in May 2017

  

Riyadh –  ACWA Power Investment and Management One Ltd. (APMI One) announced that Fitch Ratings has assigned a BBB- rating to its $814 million 5.95% senior secured bond, with a stable outlook.

The bond, issued in May 2017 by ACWA Power’s wholly-owned DIFC-incorporated subsidiary APMI One, is due in 2039.

The bond issuance is secured by cash flows and other security from a diversified portfolio of eight projects in Saudi Arabia, as well as from NOMAC, ACWA Power’s wholly-owned operations and maintenance company, according to a company statement on Tuesday.

“Fitch’s IG rating reaffirms the robust structure and the debt-service quality of APMI One’s diversified portfolio,” said Rajit Nanda, Chief Investment Officer at ACWA Power.

Meanwhile, Chief Financial Officer at ACWA Power, Kashif Rana, noted that “APMI One has maintained a stellar financial performance since the 2017 issuance, consistently outperforming the 2017 base case on an overall portfolio basis.”

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Markets