S&P lifts Guacolda Energia to CCC+

Guacolda Energia SA announced on April 11 the completion of its below-par tender offer for its 2025 notes. This reduced the outstanding nominal amount of the notes to $275 million from $407 million.

Upon the settlement of the tender offer, S&P said it raised the issuer credit and issue-level ratings to CCC+ from D because, according to S&P’s base-case scenario, the company still faces a cash shortfall to pay debt at maturity in April 2025.

In addition, “we currently don't have visibility on Guacolda's strategy to refinance or repay the notes at maturity,” the agency said in a news release.

The outlook is negative.

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