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S&P assigns BBB- to AES Andes notes
S&P said it assigned a BBB- issue-level rating to AES Andes SA's up to $500 million of senior unsecured bullet notes with a tenor of up to five years.
The rating is the same as the rating on AES Andes’ $425 million of 5% notes due 2025.
The company will use the proceeds to buy up to $100 million of the $328.4 million of outstanding notes that mature in 2079 and the $117.5 million of outstanding notes maturing in 2025, and the remaining to pay down bank debt. “We consider this transaction as a pure liability management operation, neutral for our ratings on AES Andes,” S&P said in a press release.
The outlook is stable.
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